This document provides a non-technical summary of Financial Condition Report (FCR) requirements in Bahrain. It explains that an FCR is a report on an insurance company's solvency that considers both its current financial status and ability to withstand future risks. It notes that FCRs are required annually for life insurers in Bahrain and every two years for non-life insurers, and must be certified by a registered actuary. The document also gives an overview of some key components that must be addressed in an FCR like business operations, liabilities, capital management and reinsurance. It concludes by describing related advisory services offered by Tajweez like actuarial consulting, regulatory compliance, and capital modeling.
Tajweez Actuarial looks at the UAE solvency regulations in this "non-technical guide series". With the new regulations, capital management would be more critical than ever.
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Provisions governing RPT under Companies Act, 2013, SEBI (LODR), IND AS
Statutory compliances for RPT
Approval requirements for RPT
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Tajweez Actuarial looks at the UAE solvency regulations in this "non-technical guide series". With the new regulations, capital management would be more critical than ever.
How to make outbound investment from india financing & complianceRamanuj Mukherjee
Detailed procedure for making outbound investment from India. Includes financing options for the same and foreign foreign exchange, securities and company law compliances (RBI, FEMA, SEBI, and Companies Act).
Borrower Classification and Decision Process in Corporate Debt RestructuringResurgent India
What are the different types of Borrowers, How are they classified, Who makes the decision and How is it Communicated in Corporate Debt Restructuring? Get all this Insight in the PPT from Resurgent India.
Key Takeaways:
Provisions governing RPT under Companies Act, 2013, SEBI (LODR), IND AS
Statutory compliances for RPT
Approval requirements for RPT
Disclosures norms for RPT under various statutes
When non-residents are not required to file tax returns for income earned in ...DVSResearchFoundatio
Key Takeaways:
Charging section for taxability of non-residents
Incomes of non-residents for which no returns to be filed
Conditions to be satisfied for non-filing of returns
Representative assessee and its liability
CDR( Corporate Debt Restructuring)
can be described as a proactive measure to not let companies land into a troublesome financial situation from where they cannot make a recovery. It can be explained as a voluntary and non-regulatory method for organizations to deal with their dues.
With resolution of Central Government for reforms, transparency and governance in Corporate Sector, sentiments in the Capital Market has turned positive. Companies Act 2013 has also helped in reinstating the confidence of small shareholders in Capital Market.
As the capital market has grown global, it has generated ample need and huge opportunities for pools of ready money for investments in specific sectors. In such a scenario, several new Investor and Market friendly laws like AIF/ REITs and InvIT have been introduced. SEBI has also recently simplified some norms of AIFs. These type of funds will help in rapid development and growth of various sector of the country.
Key Takeaways:
Need for Legislation
Establishment and Functions of Authority
Accounts and Finance Functions
Powers of Authority and Central Government
Overview of Regulators in Other Countries
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IFRS 9 is an International Financial Coverage Standard (IFRS) published by the International Audit Requirement Board (IASB). It includes 3 main subjects: category and measurement of economic tools, disability of financial properties, and hedge bookkeeping.
When non-residents are not required to file tax returns for income earned in ...DVSResearchFoundatio
Key Takeaways:
Charging section for taxability of non-residents
Incomes of non-residents for which no returns to be filed
Conditions to be satisfied for non-filing of returns
Representative assessee and its liability
CDR( Corporate Debt Restructuring)
can be described as a proactive measure to not let companies land into a troublesome financial situation from where they cannot make a recovery. It can be explained as a voluntary and non-regulatory method for organizations to deal with their dues.
With resolution of Central Government for reforms, transparency and governance in Corporate Sector, sentiments in the Capital Market has turned positive. Companies Act 2013 has also helped in reinstating the confidence of small shareholders in Capital Market.
As the capital market has grown global, it has generated ample need and huge opportunities for pools of ready money for investments in specific sectors. In such a scenario, several new Investor and Market friendly laws like AIF/ REITs and InvIT have been introduced. SEBI has also recently simplified some norms of AIFs. These type of funds will help in rapid development and growth of various sector of the country.
Key Takeaways:
Need for Legislation
Establishment and Functions of Authority
Accounts and Finance Functions
Powers of Authority and Central Government
Overview of Regulators in Other Countries
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Under a corporate debt restructuring plan, the lenders give the company, the benefit of reduced interest rates and a moratorium period for repayment, and in some cases, lender even sacrifice a part of the principal amount.
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(For a better version of this presentation, please see: http://www.slideboom.com/presentations/64932/Taking-Twitter-Seriously) Learn how to make Twitter a useful tool for your own professional development, networking and feedback. This presentation was presented during Enriching Scholarship week at the University of Michigan.
The continuum of land rights has matured as a concept and is now widely accepted among a number of
international agencies, the development community and some national governments. It has developed
independently of a critical examination in terms of the vast array of established development theories,
property theories and metaphors. The critical examination is needed if the concept is going to facilitate
the vigorous debate necessary to improve land tenure security in ways which accommodate the
numerous ideological positions on land and development. This document starts the process. It examines
the continuum of land rights in terms of a sample of development theories and property theories that
dominate the development agenda, and in terms of a sample of theories and metaphors which are
opposite to them, and it outlines how they apply and can be used for the continuum.
One such reliable platform is findadoc.com. There are so many adult diseases which can become a serious problem for you, if they are not treated in time. The perfect answer to these adult diseases is internal medicine.
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Presentation by Bachir El Nakib at The International Conference on:
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With the globalization of business, it has become more important than ever to establish common standards for the preparation of financial statements. A universal standard would make it easier to evaluate company accounts and more accurately compare business health across international borders. While most of the companies in the world do their financial reporting according to Local Generally Accepted Accounting Principles (GAAP), most of these countries have started using International Financial Reporting Standards (IFRS). This presents problems (i.e.; using the local GAAP) is faced by both shareholders and potential investors who are evaluating different companies. Plus, the marketplace has become much more complex with businesses’ serving international customers and using suppliers from all over the world.
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The objective of IFRS 17 is to standardize insurance audits around the world to enhance comparability as well as rise openness, and also to provide individuals of accounts with the info they need to meaningfully comprehend the insurance provider’s economic position, performance, and threat exposure.
1. A non-technical
guide to Financial
Condition Report in
Bahrain
JABRAN NOOR, FSA FIA
Executive Director - Actuarial & Risk Management
Tajweez Advisory
tajweezactuarial.com
NON-TECHNICAL GUIDE SERIES
2. Tajweez Actuarial provides a brief synopsis of the
Insurance Regulations in the GCC through the
“Non-Technical Guide Series”
We aim to bring clarity and achieve common
understanding of compliance requirements.
NON-TECHNICAL GUIDE SERIES
Our consultancy services are based around
insightful simplification of complex ideas.
tajweezactuarial.com
4. Implemented the detailed
Financial Condition Report
(FCR) in 2014.
Companies have to comply
with AA-4.1.5 requirement by
submitting detailed FCR
starting year end 2014
BAHRAIN
4
5. Tajweez Advisory CO WLL - FCR Requirements in Bahrain - Jabran Noor
FCR Overview
5
2015
under both current
financial status and future
risk scenarios
increases disclosure level
certified by actuary
Detailed Report on
solvency condition
2015
Professional actuarial
bodies
Regulations
Best practices (Solvency
II, APRA etc)
Guidance available from
6. Tajweez Advisory CO WLL - FCR Requirements in Bahrain - Jabran Noor
FCR Overview
6
1. What is an FCR?
Financial Condition Report (FCR) is a report on the solvency condition of an insurance company that takes
into account both the current financial status, as reflected in the balance sheet, and the assessment of the
ability of the company to survive future risk scenarios. The assessment is usually made by the actuary.
2. What are some of the countries which have a FCR Requirement?
FCR is becoming an essential part of insurance regulations. FCR is a requirement for many solvency
regimes e.g. Solvency II, APRA (Australia), Ireland, CBB (Bahrain), SAMA (KSA), QFC (Qatar), UAE,
Pakistan, India etc.
7. Tajweez Advisory CO WLL - FCR Requirements in Bahrain - Jabran Noor
FCR Overview
7
3. Is FCR Required for Long Term Business only?
Traditional FCR was only required for long term business (e.g. Life Insurance) in many regulatory regimes.
However, there is a global move towards requiring FCR for all insurance companies i.e. both long term and
short term business (e.g. non-life). The frequency of reporting may however vary between long term and
short term business in some regimes.
4. Why is a FCR needed when companies already disclose position in prudential forms?
FCR is usually prepared by an actuary who provides opinion on the current and future position of the
company. This is frequently done qualitatively, although quantitative approaches are not precluded. The
prudential forms are a static assessment of the current financial position of the company. FCR has a higher
level of disclosure than prudential forms.
8. Tajweez Advisory CO WLL - FCR Requirements in Bahrain - Jabran Noor
FCR Requirements
8
Annually for long-term (life) business and once every two years for short-term (non-life)
business.
Must be signed by Registered Actuary or Signing Actuary
Central Bank of Bahrain (CBB) may require a FCR on more frequent basis than
requirement specified
CBB may appoint an actuary to conduct special purpose review of insurance firm’s
operations, risk management, financial affairs or other areas specified by CBB.
9. Tajweez Advisory CO WLL - FCR Requirements in Bahrain - Jabran Noor
FCR Report Considerations
9
Professional Standards
Business Overview
Recent Profitability
Liabilities
Adequacy of past estimates
Assessment of liabilities
Assumptions
Data
Model
Variability and Sensitivity
Surplus / Deficit
Takaful specific issues
Transfer to shareholders
Asset / Liability Management
Investment Strategy
Capital Management / Strategy
Pricing / Premium Adequacy
Reinsurance
Recommendations
Corporate structure
Actual Requirements for contents specified in AA-4.3.1. Following is a snapshot of key requirements.
10. Tajweez Advisory CO WLL - FCR Requirements in Bahrain - Jabran Noor
FCR Report Considerations
10
Financial Condition Report should be an objective assessment of the overall financial
condition of the firm.
Professional standards and contents prescribed by CBB should be taken into account.
It is important for actuary to gain an holistic view of the company before addressing
specific issues e.g. liabilities, reinsurance, pricing etc. Data visualisation and dashboards
may provide insights.
Actuaries should make assessment of the current and future financial position.
Companies should use FCR beyond regulatory compliance. FCR can be used as an
important management tool as well.
11. Tajweez Advisory CO WLL - FCR Requirements in Bahrain - Jabran Noor
Our Services
11
Approved Actuary Role
CBB Compliance & Signoff
Prudential Form Dashboards
Reinsurance Optimisation
Business overview
Capital Modeling
12. • The guide has been prepared to
describe the regulation in a simple
manner. It is in no means a substitute
to the original regulation.
• No liability is assumed regarding the
accuracy of the information
contained. We welcome your
feedback on any aspect of the report.
• The report should not be reproduced ,
published or disseminated, in part of
full, without explicit permission of
Tajweez Advisory.
• We love exchanging ideas and look
forward to hearing from you. Quote
the pass phrase “TAJ5DISC” at time
of project approval and you qualify for
a 5% discount on consulting
Information Usage
12
13. tajweezactuarial.com
Jabran Noor, FSA FIA
Executive Director -
Actuarial & Risk Management
jabran.noor@tajweez.com
ACTUARIAL
SERVICES
RISK
MANAGEMENT
ANALYTICS
TRAININGS
Our consultancy services are based around
insightful simplification of complex ideas.