More actuaries for the quotation of insurance policies

The supervisory authorities are recommending that all insurers in business in the country should hire actuaries whose tasks will be to quote all of the insurance policies marketed. Tariffs should result from technical calculations and be presented in a report that is submitted to the board of directors. A copy of this report shall be later forwarded to the supervisory authority.

Unfair competition rigging the market has come under the scrutiny of the regulators. This announcement has been designed to put an end to underpricing and unbridled struggle among insurers.

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