The policy objective of this policy document is to provide standards and guidance on the preparation of the Financial Condition Report (FCR), being one of the appointed actuary’s duties specified in paragraph 9.1(b) of both the policy document on Appointed Actuary: Appointment and Duties and the policy document on Appointed Actuary: Appointment and Duties (for reinsurers and retakaful operators). The FCR provides for the appointed actuary’s overall investigation results, assessments, independent opinions and recommendations to the board on various aspects of the licensed person’s financial condition, including any significant threats to the financial condition of the licensed person and potential mitigation measures for such threats.
This policy document sets out the following:
(a) the minimum areas of analyses to be considered by the appointed actuary in preparing the FCR; and
(b) the requirements for the FCR to be:
(i) presented to the board of the licensed person; and
(ii) submitted to the Bank.
This document belongs to Bank Negara Malaysia (BNM). Full access to the original source is available here: https://www.bnm.gov.my/banking-islamic-banking
