Muscat: The Financial Services Authority (FSA) has issued two administrative decisions warning Badri Management Consultancy and Lux Actuaries & Consultants for failing to comply with minimum requirements for actuarial reports for the financial year ending December 2024.
According to the FSA, the violations relate to non-compliance with its instructions governing actuarial reporting standards. The regulatory framework requires insurance companies to prepare financial statements in line with International Financial Reporting Standard (IFRS 17), alongside meeting technical requirements and ensuring full and accurate disclosure of all procedures used in estimating insurance reserves.
The authority emphasised the importance of adherence to all issued circulars and regulations, noting that actuarial reports play a critical role in evaluating the financial position of insurance companies.
The FSA reiterated its commitment to enforcing supervisory measures aimed at safeguarding beneficiaries’ rights and strengthening confidence in the insurance sector.
Oman Observer is now on the WhatsApp channel. Click here
