Manama, June 16 (BNA) The Central Bank of Bahrain issued new directives for insurance companies to establish internal actuarial units within their organizational structure.
As per the directives of the Central Bank of Bahrain, all insurance companies must designate internal Bahraini competencies in preparation for their qualification to become qualified actuarial experts licensed by recognized international actuarial institutes to carry out actuarial work and prepare relevant regulatory reports in accordance with the requirements of the Central Bank of Bahrain in it. consideration.
These new directives include two phases of implementation, the first obligating companies to appoint a Bahraini actuarial analyst within a period not exceeding the end of June 2023, provided that the companies appoint and qualify them to be qualified and globally accredited actuarial experts. A recognized institute of actuaries to perform actuarial roles within insurance companies to meet the requirements of the second phase of these directives. This requires the appointment of a qualified Bahraini actuary within a period not exceeding the end of June 2029.
It is worth noting that the Central Bank of Bahrain issued these directives in conjunction with the launch of the joint initiative between the Labor Fund (Tamkeen), the Central Bank of Bahrain, the Institute of Actuaries in London and the Bahrain Institute for Banking and Financial Studies (BIBF) to prepare and employ a number of Bahraini cadres in actuarial sciences to work in insurance companies in the Kingdom of Bahrain .
This initiative is also considered one of the important steps for preparing qualified Bahraini cadres in important specializations in the insurance sector.
This initiative is also in line with the efforts made to create job opportunities for Bahrainis in the local financial market, which is one of the priorities of the Economic Recovery Plan 2022-2026. In addition to the issuance of the new accounting standard “IFRS 17” which will take effect in 2023, where the application of this standard will depend in particular on the estimates and recommendations of the actuary appointed by the company to prepare the financial statements in accordance with the new standard. Accounting Standard.
On this occasion, Mr. Abdul Rahman Al Baker, Executive Director of Financial Institutions Supervision, said that the Central Bank of Bahrain is keen to continue its efforts to develop the insurance industry to keep pace with the best international standards.
Mr. Abdul Rahman Al Baker added: The aim of this initiative and its legislation is not limited to providing job opportunities, but also aiming to strengthen the insurance industry with qualified Bahraini cadres in important specializations that enhance the leading position and distinguished financial position. for the Kingdom of Bahrain.
M