The Financial Services Authority (FSA) has issued two administrative decisions warning Badri Management Consultancy and Lux Actuaries & Consultants for failing to comply with the minimum requirements for actuarial reports for the financial year ended December 2024, in accordance with the instructions issued by the FSA.

These decisions are based on the applicable regulatory frameworks, which require insurance companies to prepare their financial statements in accordance with the International Financial Reporting Standard IFRS 17, in addition to adhering to technical requirements and full, accurate disclosure of all procedures undertaken in estimating the reserves of the insurance companies they contract with.

It also reiterated the importance of all relevant parties complying with issued circulars and regulations, affirming its continued enforcement of necessary supervisory measures to safeguard beneficiaries’ rights and enhance confidence in the insurance sector. It further underscored that these actions are part of its commitment to strengthening market discipline and ensuring the accuracy and quality of actuarial reports, given their critical role in assessing the financial position of insurance companies and supporting the stability of the sector.