Life Office Management Association Since Do You Speak. the Language of Insurance? Prospectus RTC

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1 Life Office Management Association Since 1924 Do You Speak the Language of Insurance? Prospectus

The National Life Office Management Association «in the early nineteen thirties was one of the first management societies or trade associations to assign an increasingly prominent role to some kind

» LOMA developed a series of merit rating scales for clerical employees based on traits and behavioral elements, published in 1950.

2 The National Life Office Management Association «in the early nineteen thirties was one of the first management societies or trade associations to assign an increasingly prominent role to some kind of selective records preservation in the programs of their annual meetings and in the work projects of their research groups.» LOMA developed a series of merit rating scales for clerical employees based on traits and behavioral elements, published in LOMA was Founded in 1924, LOMA is an international association through which more than 1,200 insurance and financial services companies from over 80 countries engage in research and educational activities to improve company operations. LOMA members are involved in life and health insurance, managed care, annuities, pensions, banking, banc assurance, securities, and other financial services areas. Through its staff and network of industry volunteers, the association serves a large and influential group of companies. (U.S. member companies alone account for approximately 95 percent of the more than 15 trillion dollars, worth of life insurance in force in the United States today.) LOMA is committed to working as partners with its members worldwide to improve their management and operations through quality employee development, research, information sharing, and related products and services. LOMA recently merged with LIMRA to form LL Global. 3

Financial Institutions: 403 Financial Sector in BAHRAIN F a c t S h e e t Foreign nationals 4,756 34% Financial Sector Workforce: 14,009 (2012) 66% Bahraini nationals 9,253 US$5.47 billion 16.

3 Financial Institutions: 403 Financial Sector in BAHRAIN F a c t S h e e t Foreign nationals 4,756 34% Financial Sector Workforce: 14,009 (2012) 66% Bahraini nationals 9,253 US$5.47 billion 16.7% Financial Sector contribution to GDP (2013) GDP (Current) Key Economic Indicators US$32.8 billion (2013) Growth 6.8% (2013) GDP (Constant) US$28.6 billion (2013) Growth 5.5% (2013) 4 Assets US$189.1 billion Retail Banks 28 Locally incorporated 13 Branches of foreign Banks 15 Wholesale Banks 74 Representative Offices 09 Bank Society 01 Assets US$25.1 billion (February 2015) No. of Investment Business firms 52 Representative Offices 08 Bahrain Asset Manager Association 01 Banking Sector Islamic Banks No. of institutions 113 No. of banks 24 Investment Business Firms Total no. of institutions 61 Total No. of Insurance Companies & Organisations Authorised in Bahrain 151 excluding Appointed Locally Incorporated Insurance firms 25 Takaful & Retakaful Firms (included above) 08 Captives (locally incorporated, included above) 15 Overseas Insurance firms 10 Insurance Brokers 31 Insurance Consultants 04 Insurance Managers 03 Insurance Licensees Restricted 28 Insurance Appointed Representative 16 Registered Actuaries 27 Insurance Ancillary Services 06 No. of insurance firms Insurance Sector Gross premiums US$685 million (December 2013)

6 LOMA s Level 1 Certificate provides need-to-know information about insurance products and operations so employees quickly gain confidence, serve the customer effectively, and contribute to company

4 6 LOMA s Level 1 Certificate provides need-to-know information about insurance products and operations so employees quickly gain confidence, serve the customer effectively, and contribute to company success. unlocking the world of knowledge Level I Certificate Required Courses For Level I Certificate LOMA 280 Insurance Principles Level I: LOMA awards a personalized certificate to learners upon successful completion of LOMA 280 and LOMA 290. Courses: LOMA 280 LOMA 290 Insurance Operations LOMA 280 introduces the principles of insurance, the process of becoming insured, and the policy owner s contractual rights. The course includes information on the features of individual and group life insurance, health insurance, and annuity products. LOMA 290 LOMA 290 describes how life insurance companies operate in today s global environment: how they are organized, how they are managed, and the roles of functional and support units in developing, distributing, issuing, and administering life insurance and annuity products. Learners who take this course will better understand how an individual job fits into the entire scope of the company as well as the importance of each employee s contribution to overall organizational success. The Associate, Life Management Institute (ALMI ) designation is widely recognized as more than a stop on the journey to the FLMI-it is a milestone in and of itself. The ALMI delivers must-have knowledge for every employee-and a valuable credential. The designation is a globally recognized educational standard that indicates that those who have earned it understand the core products and operations of life insurance companies and comprehend the financial concepts that all insurance professionals frequently encounter. This designation is replacing LOMA s Level I Certificate in many companies as the education and training must-have. LOMA 301 Insurance Administration Level 2 ALMI Required Courses For Level 2 ALMI Courses: LOMA 307 Business & Financial Concepts Learners must complete all required courses to earn the ALMI designation. LOMA 301 LOMA 301 provides a detailed discussion of the activities of insurance administration for individual and group life coverages, focusing on underwriting, reinsurance, claims, and customer service. LOMA 307 LOMA 307 introduces industry employees to basic financial concepts and terminology and relates these concepts to the business of insurance and company operations and profitability. LOMA 320 LOMA 320 covers marketing principles and the functions of marketing as an integral aspect of the life and health insurance industry. LOMA 320 Insurance Marketing 7

ARA The Fellow, Life Management Institute (FLMI) program is a 10-course professional development program that provides an industryspecific business education in the context of the insurance and

Established in 1932, the FLMI program is the world s largest universitylevel education program in insurance and financial services 8 LOMA Level 1 Certificate and Level 2 ALMI - Course code 280, 290,

5 ARA The Fellow, Life Management Institute (FLMI) program is a 10-course professional development program that provides an industryspecific business education in the context of the insurance and financial services industry. The FLMI teaches advanced insurance and financial concepts to build a deeper understanding of the insurance business. Established in 1932, the FLMI program is the world s largest universitylevel education program in insurance and financial services 8 LOMA Level 1 Certificate and Level 2 ALMI - Course code 280, 290, 301, 307 & 320 Courses: LOMA 357 Investments Level 3 FLMI Required Courses For Level 3 FLMI LOMA 311 Business Law for Financial Services Professionals LOMA 361 Accounting and Financial Reporting in Life Insurance Companies LOMA 335 Operational Excellence in Financial Services LOMA 371 Risk Management & Product Design Learners must complete the Level I Certificate,Level 2 ALMI, and Level III courses to earn the FLMI designation. LOMA 311 LOMA 311 presents the basic features and principles of the legal environment in which financial services companies around the world operate. LOMA 335 LOMA 335 presents financial services from the perspective of a company s operations management. This course focuses on practical techniques to accomplish the everyday tasks of providing financial services as efficiently as possible. LOMA 357 LOMA 357 provides an understanding of the investment regulatory environment and investing for life insurance companies and similar institutions. It covers investment types, returns, risks, performance, strategies for institutional investors, and fund options for retirement and other products. LOMA 361 LOMA 361 provides a broad exposure to financial and managerial accounting in life insurance companies, including the corporate and regulatory environment in which accounting functions occur. LOMA 371 LOMA 371 describes technical product design for life insurance and annuities and the current state of risk management in insurance companies. Reinsurance plays a vital role in insurance and financial services. LOMA s Associate, Reinsurance Administration (ARA ) Program will help you grasp reinsurance principles, the financial importance of reinsurance, and the development, administration and auditing of reinsurance products. LOMA Level I: Certificate Course code 280 & 290 LOMA 311 Law/Compliance Course: Required Courses For ARA ARA 440 LOMA 361 Accounting LOMA 301 Insurance Administration Learners must complete one course from each subject category to earn the ARA designation. ARA 440 shows how reinsurance strengthens the insurance industry and increases the likelihood that insurance companies will have sufficient funds to pay anticipated claims. It also discusses reinsurance principles, regulation, typical provisions in a reinsurance agreement, the administration of reinsurance business, and the importance of quality control for reinsurance. ARA 440 Reinsurance Administration Your Career Colud Start Here 9

6 REGISTRATION FORM Personal Information RTC Approved Online Examination Center I*STAR ONLINE EXAMINATIONS With... No More Paper Examination! I*STAR (Individually Scheduled Test and Results) is LOMA's Internet-based system for providing computerized exams. I*STAR testing is available to students at companies that have installed this testing system. Advantages of I*STAR include the convenience and flexibility of year-round testing, as well as immediate online grade reporting pass or fail. Female First Name Male Gender Mobile Number (1) Office Telephone Second Name Third Name Last Name CPR Country Mobile Number (2) Fax No. Address (1) Address (2) Post Address (Flat/Building, Block, Road and Area or P.O Box) Job Title Organization Qualifications LOMA ID ( if Available) LOMA Designations / Qualifications: 10 Please select the qualification(s) that you would like to register for: LOMA Certificate Level 1 ALMI FLMI ARA Finance: Self Organization Tamkeen Ministry of labour Other (specify): HR / Traning Manager Name Company Stamp Signature Date For Further Information on Registration, Please Contact:

Sitra, Kingdom of Bahrain Sitra Mall, Second

600687 RTC serves professional individuals,

business enterprises in different economic

7 Sitra, Kingdom of Bahrain Sitra Mall, Second Floor , RTC serves professional individuals, Bahrainis, public organizations and various business enterprises in different economic sectors including financial institutions and insurance companies

Central Bank of Bahrain Rulebook. Volume 3: Insurance AUTHORISATION MODULE

Central Bank of Bahrain Rulebook. Volume 3: Insurance AUTHORISATION MODULE AUTHORISATION MODULE MODULE: AU (Authorisation) Table of Contents AU-A AU-B AU-1 AU-2 AU-3 AU-4 AU-5 Date Last Changed Introduction AU-A.1 Purpose 07/2015 AU-A.2 Module History 07/2017 Scope of Application