The Central Bank of Bahrain has issued new guidelines to insurance companies requiring the establishment of an internal actuarial unit within their organizational structure.
In addition, all insurance companies must appoint in-house Bahraini competencies with a view to qualifying them to prepare relevant regulatory reports.
These new guidelines include two implementation phases, the first of which requires companies to appoint a Bahraini actuarial analyst by the end of June 2023, provided they are accredited by a globally recognized institute of actuaries. This will require the appointment of a qualified Bahraini actuary before the end of June 2029.
The Central Bank of Bahrain has issued these guidelines alongside the launch of the joint initiative between the Labor Fund (Tamkeen), the London Institute of Actuaries and the Bahrain Banking and Financial Institute to prepare and employ a number of Bahraini executives in the actuarial sciences to work in the country’s insurance companies.
This initiative is also considered as one of the important steps to prepare qualified Bahraini executives in important specialties of the insurance sector.
This initiative falls within the framework of the IFRS 17 standard, the application of this standard depending on the estimates and recommendations of the actuary appointed by the company.
Abdul Rahman Al Baker, Executive Director of Financial Institutions Supervision, said, “CBB is keen to continue its efforts to develop the insurance industry at the pace of the best international standards.
“The purpose of this initiative and its legislation is not limited to providing employment opportunities, but also aims to strengthen the insurance industry with qualified Bahraini executives for important specializations that strengthen the pioneering position and the financial position. distinguished from the Kingdom of Bahrain”.