BMA, World Bank training for insurance supervisors
Bahrain Monetary Agency (BMA) is joining hands with the World Bank to hold a regional training session for insurance supervisors. The event, which will be held from 6th to 17th February 2005, focuses on solvency training and marketplace regulation.
The programme will be conducted by Mr. Lawrie Savage, a consultant for the World Bank with over 35 years of experience in the insurance sector. There will be 10 representatives of insurance supervisory bodies in the region, in addition to BMA representatives.
The first week of the programme, will cover such topics as evolution of supervisory approaches; information requirements of the supervisor; financial analysis of insurers; issues in licensing of insurers, transfer of business, mergers and supervision of investments; and overview of supervisory issues.
The second week will focus on claims reserving in general insurance; basics of actuarial reserving for life insurance; reinsurance and its supervision; consolidated supervision of insurance entities; model law for insurance supervision; and marketplace regulation training.
The training programme is being held at the Bahrain Institute of Banking & Finance (BIBF).
“The BMA is pleased to join hands with the World Bank to offer this programme, which will add considerable value to the training of insurance supervisors in the Middle East region,” said Mr. Anwar Khalifa Al Sadah, Executive Director, Financial Institutions Supervision, at the BMA.
“Such programmes are essential for supervisors, who are being increasingly challenged by the ever-increasing complexities of the financial world.”