CBB issues new directives for insurance firms to establish an internal actuarial unit and appoint a Bahraini competencies as actuarial experts

CBB issues new directives for insurance firms to establish an internal actuarial unit and appoint a Bahraini competencies as actuarial experts

Central Bank of Bahrain (CBB) has issued new directives to insurance companies requiring the establishment of an internal actuarial unit within their organization structure. In addition, all insurance firms must appoint in-house Bahraini competencies in preparation for qualifying them to become qualified actuaries licensed by recognized international actuarial institutes to carry out actuarial work and prepare the relevant regulatory reports according to the requirements of the CBB in this regard. These new directives include two phases of implementation, the first of which requires companies to appoint a Bahraini actuarial analyst within a period not exceeding end of June, 2023, provided that the companies appoint and qualify them to be qualified actuaries that are accredited by a globally recognized institute of actuaries to carry out actuarial roles within insurance firms in fulfillment of the requirements of the second phase of these directives. Which requires the appointment of a Bahraini qualified actuary within a period not exceeding the end of June 2029. It is worth noting that CBB issued these directives in conjunction with the launch of the joint initiative between the Labor Fund (Tamkeen), CBB, the Institute of Actuaries in London, and Bahrain Institute of Banking and Finance (BIBF) to prepare