Busy in Bahrain
At the 2014 year-end, Lux Bahrain was tasked, under new Central Bank of Bahrain legislation, to deliver 14 Financial Condition Reports for 14 companies – the FCRs being very much in line with Solvency I standards.
This meant we had to consider Reserves, Pricing Adequacy, Reinsurance Arrangements and Asset/Liability matters, to be able to assess statutory Solvency. We have performed many FCRs over the years, but these requirements were new to these companies, which meant additional challenges in obtaining information and data to required standards, and communicating to clients what was expected. Multiplied by 14.
We delivered all 14 reports on time – some earlier than the agreed deadline. We exceeded required standards and we are certain that the regulator appreciated the clarity of our actuarial analysis and reporting. Questions that arose for company specific results were comfortably dealt with by our knowledgeable and experienced staff.
Our clients benefit in that regulatory interaction is minimised through delivery of quality work, on time. Management can instead focus on writing profitable business.
Additional analyses we included in these FCRs, outside of regulatory requirements, were as follows:
- Expense analysis in greater detail than required – useful for pricing work
- Incurred claims, reconciled from accident year to financial reporting
- Profitability, reconciled from accident year to financial reporting
- Cash-flow projection and analysis
Our clients were delighted with our delivery and they rest assured that our reports are at the quality top-end of all the year-end FCRs delivered, setting the standard for other companies to follow.