Major Developments of 2021

Despite the difficult health conditions that affected the operations of the PCMA and its various departments during the year 2021, as a direct result of the Covid-19 pandemic, and the government measures that occasioned as a result thereof to limit the spread of the pandemic, and preserve the safety and health of its employees, the year 2021 witnessed a number of developments that were implemented, which can be referred to as follows:

1. Begin applying Instructions No. (6) of 2020 amending Instructions No. (1) of 2006 to determine the value of the solvency margin, and the procedures, conditions and forms required to issue the solvency certificate and its amendments, on the annual financial statements for the year 2021.
2. As for the activities of the Insurance Companies Control Department, during the year 2021, it continued updating the insurance companies’ risk records, reviewing the actuarial reports issued by its actuarial experts, reflecting its results on their risk records, and continued to review the quarterly and semi-annual financial statements and the final financial statements of insurance companies, granting the PCMA’s no-objection to its publication, as well as following up on insurance companies preparing for the implementation of the International Accounting Standard No. (IFRS17), and following up with companies with respect to providing the PCMA with the gap report resulting from the application of this standard, examining the ability of insurance companies to meet their obligations by reviewing the solvency margin (capital adequacy) of insurance companies, issuing solvency certificates in this regard, and working on the continuous development of the statistical database for the insurance sector.
3. Develop and update standardized electronic actuarial forms and reports, according to which actuarial experts for insurance companies are obligated to comply with in preparing actuarial reports, and clarify the actuarial assumptions and methodologies used in preparing the annual actuarial report on the insurance companies’ business.
4. Due to the precautionary measures imposed to confront the Covid-19 pandemic, part of the annual plan for field visits to the headquarters and branches of insurance companies was implemented, whereby 89 monitoring rounds were implemented during the year 2021, which focused on following up on the implementation of insurance companies and insurance professionals the provisions of the insurance law and secondary legislation issued by virtue thereof.
5. In terms of following up on complaints received by the PCMA, during the year 2021, the Complaints Department dealt with 64 complaints, out of which 57 complaints were processed and finalized, while 6 complaints remained incomplete, and hence could not be considered, and one complaint remains pending.
6. With regard to the renewal of licenses of insurance companies and owners of other insurance professions, insurance licenses for 2021 were renewed for all insurance companies approved by the PCMA, as well as renewal of licenses for owners of insurance professions registered in the records of the General Department of Insurance, and licenses for insurance professionals who failed to comply with the licensing conditions were cancelled.

Services provided to the Sector:

Granting, declining and renewing practice licenses to insurance companies and insurance agents and professionals: