RBC for Takaful Differences from Conventional, Impact and Opportunities. Charlene Lee Senior Actuary Munich Re Retakaful
|
|
- Valerie Paul
- 6 years ago
- Views:
Transcription
1 RBC for Takaful Differences from Conventional, Impact and Opportunities Charlene Lee Senior Actuary Munich Re Retakaful
2 Agenda Typical Takaful Models in Malaysia Solvency Requirements in Malaysia Evolution RBC for Conventional Insurers RBC for Takaful Operators Key Differences Impact of RBC in Takaful To Participants To Operators Opportunities and Conclusion
3 Pure Wakala Model Participant Wakala = Agency contract, i.e. 3 rd party administrator Takaful Contribution Tabarru Tabarru = Donation Wakala Fee Participants Risk Fund (PRF) Tabarru Participants Investment Fund (PIF) Qard = Loan (interest-free) Claims Reserves Retakaful Shareholders Fund (SHF) If Deficit: Qard from SHF UW Surplus / Deficit Investment Profit / Loss Mngt Exp, Commission
4 Wakala Mudharaba Hybrid Participant Wakala = Agency contract, i.e. 3 rd party administrator Takaful Contribution Tabarru Tabarru = Donation Wakala Fee Participants Risk Fund (PRF) Tabarru Participants Investment Fund (PIF) Qard = Loan (interest-free) Claims Mudharaba = Profit-sharing Reserves Retakaful Shareholders Fund (SHF) If Deficit: Qard from SHF UW Surplus / Deficit Investment Profit / Loss Mngt Exp, Commission
5 SOLVENCY IN MALAYSIA
6 Evolution of Solvency Requirements in Malaysia
7 RBC FOR CONVENTIONAL INSURERS
8 RBC for Conventional Insurance Total Capital Available (TCA) Capital Adequacy Ratio (CAR) = Total Capital Required (TCR) Broadly speaking Deductions Tier 2 Tier 1 Investment Assets at Market Value CAR TCA Internal: 180% Supervisory Target: 130% Minimum:100% TCR Operationa l Liability Market Credit PRAD (75%) Max of BE Liabilities Surrender Calculated on Fund Level
9 Funds of a Conventional Insurer Insurer Insurance Funds Shareholders Fund Life General Par Non-Par Investment-Linked Life Life Unit Annuity Annuity Non-Unit Separate for onshore and offshore business
10 RBC FOR TAKAFUL OPERATORS (vs conventional insurers)
11 RBC for Takaful Operators vs Insurers Conventional Insurer Shareholders Fund Deductions Tier 2 Qard part of deductions Deductions Tier 2 Takaful Operator Shareholders Fund Expense risk of ALL funds fully borne by SHF Max of Operational risk of ALL funds fully borne by SHF Tier 1 Investment Assets at Market Value TCA TCR Operational Market Credit Tier 1 Investment Assets at Market Value TCA TCR Expense Operational Market Credit PRAD (75%) BE Liabilities Surrender Additional surrender value risk Additional expense reserves + PRAD
12 RBC for Takaful Operators vs Insurers Conventional Insurer Insurance Fund Deductions Tier 2 Tier 1 Investment Assets at Market Value TCA TCR Operational Liability Market Credit PRAD (75%) BE Liabilities Qard part of Tier 2 Max of Surrender Takaful Operator Participants Risk Fund Deductions Tier 2 Tier 1 Investment Assets at Market Value TCA capped at 100% of TCR TCA TCR Liability Market Credit PRAD (75%) BE Liabilities No operational risk charges Max of Surrender No implicit expense risk charges
13 Funds of a Takaful Operator Takaful Operator Participants Funds Shareholders Fund Family General* Protection Investment Fund Annuity *Can be further split into sub-funds depending on risk class Risk Fund* Separate for onshore and offshore business
14 KEY DIFFERENCES
15 Capital Charges Capital Charges Operational Expense Liability Market Credit Surrender Value SH Fund General Fund Life Funds / Family Risk Funds Insurance Takaful Insurance Takaful Insurance Takaful (for all funds) (for all funds) (implicit) (held in SH fund) (held in SH fund) (implicit) (held in SH fund) (held in SH fund)
16 Apart from Capital Charges Area Conventional Insurance Takaful Expense reserves In insurance funds (implicit) In shareholders fund During deficit Outright transfer from SHF SHF TCA = Insurance Fund TCA Qard from SHF SHF TCA Risk Fund TCA Total Capital Available (TCA) No limits on TCA recognition. Recognize TCA for risk funds only up to 100% of TCR.
17 IMPACT OF TAKAFUL RBC
18 Delay in surplus distribution? Impact on Participants Capital held back in funds to meet additional capital requirements Terminal surplus? Higher contributions? Products priced for cost of additional capital needed from SHF Greater fluctuation in surplus received? TCA limit + operational risk charges size of risk funds Less reserves to cushion fluctuating claims experience Greater cross-subsidy between participants? Regulator wants to reduce cross-subsidy Limit on TCA Limit on TCA Combine risk funds for capital efficiency?
19 Impact on Takaful Operators Additional capital requirements from shareholders To meet capital charges operational, expense, surrender To meet supervisory/internal CAR targets for risk funds Qard, write-off How many sub-funds? Fairness between different groups of participants vs Capital efficiency for SH How large a risk fund to hold? Operational charges Supervisory/internal CAR Claim fluctuations qard write-off Contingency reserves: Fairness between generations Competing against conventional products RBC appears more penal for takaful operators
20 OPPORTUNITIES
21 Opportunities Product design Capital efficiency via product models Shift towards investment-linked / drip model Differentiation via product models No strict regulation on product models, only must be well-documented, transparent Surplus sharing arrangement does not affect reserves and liability risk charges Product innovation Break free from the usual insurance -type designs New features, new models?
22 Opportunities Excel from within Management of assets and liabilities Better duration matching lower risk charges Balance risk/return levels in investment strategy against asset risk charges Reward good experience Assumptions for reserves and risk charges based on company s own experience Good underwriting / claims management / expense management lower capital charges Internal CAR Good risk management lower internal CAR
23 Retakaful To CAR Opportunities Risk Fund TCR Retakaful Before Retakaful After Retakaful SH Fund TCA Risk Fund TCA TCR Liability Market TCR Liability Market Credit Credit Retakaful has no impact to SH Fund TCA CAR Liability risk charges reduced Slight reduction in Risk Fund assets for retakaful contributions but Risk Fund TCA limited at 100% TCR anyway
24 Opportunities Retakaful The importance of smoothening claims Takaful RBC: Limit on risk fund TCA Risk funds operational risks borne by SH Minimize size of risk funds Retakaful Reduce impact of fluctuating claims experience Small fund size, susceptible to fluctuating claims experience, increase probability of qard
25 Opportunities Have your say! Framework not finalized Communicate with regulators Shape the future of the takaful industry Principles vs rules Syariah-compliance is rather subjective More room for creativity?
26 CONCLUSION
27 Conclusion Tough times ahead? To be a star, you must shine your own light, follow your own path and don't worry about the darkness for that is when stars shine the brightest.
28 Thank you! Charlene Lee Senior Actuary Munich Re Retakaful
RBC and Economic Capital: The Malaysian Experience
building value together 19 th September 2012 RBC and Economic Capital: The Malaysian Experience Farzana Ismail, FIA Principal www.actuarialpartners.com Agenda Introduction to economic capital RBC: The
More informationRBC for Family Takaful Introduction
Introduction We outline below our assessment of the Risk Based Capital (RBC) draft framework issued by Bank Negara to Takaful Operators (TOs) recently. We consider first the risk charges and the capital
More informationRisk-Based Capital Seminar: Family Takaful Workshop
building value together 5 December 2012 Risk-Based Capital Seminar: Family Takaful Workshop Hassan Scott Odierno, FSA Partner Farzana Ismail, FIA Principal www.actuarialpartners.com Agenda Five issues
More informationbuilding value together 6 April 2012 GPV for Takaful Hassan Scott Odierno, FSA Kuala Lumpur
building value together 6 April 2012 GPV for Takaful Hassan Scott Odierno, FSA Kuala Lumpur www.actuarialpartners.com Actuarial Work in Takaful Pricing / Product Development Risk Management / Corporate
More informationIslamic Financial Services Board (IFSB)
Islamic Financial Services Board (IFSB) Mutual Insurance and Takāful in a Changing World 12-13 November 2012 27-28 Zulhijjah 1433 Ceylan Intercontinental Hotel Istanbul, Turkey www.ifsb.org AGENDA About
More informationbuilding value together 26 April 2013 Takaful in Africa Hassan Scott Odierno, FSA Lome
building value together 26 April 2013 Takaful in Africa Hassan Scott Odierno, FSA Lome www.actuarialpartners.com Takaful in Africa 2 Extent of religion in insurance Religious buildings and property can
More informationGIFF and IFN Asia Forum Mandarin Oriental Hotel-October 27 th 2010
GIFF and IFN Asia Forum Mandarin Oriental Hotel-October 27 th 2010 Risk Management and Disclosure in Takaful Practices Dawood Y Taylor Senior Regional Executive-Takaful, Middle East Prudential Corporation
More informationReviving the Cooperative Spirit through Takaful. Hassan Scott Odierno, FSA Actuarial Partners (Malaysia) 15 October 2014
Reviving the Cooperative Spirit through Takaful Hassan Scott Odierno, FSA Actuarial Partners (Malaysia) 15 October 2014 1 The cooperative spirit is members helping each other to succeed Discretionary and
More informationConceptual. Objectives of Parties. Unique Challenges
13th Global Conference of Actuaries 2011 Emerging Risks Daring Solutions Debo Ajayi, FSA, FCIA, MAAA Managing Director & Actuary Milliman LLC UAE February 20 22, 2011 Conceptual Objectives of Parties Models
More informationFAMILY TAKAFUL. (Shariah compliant life insurance) Assessment of Business Risk Financial Risk. Presenter: Amara Gondal
FAMILY TAKAFUL (Shariah compliant life insurance) Assessment of Business Risk Financial Risk Presenter: Amara Gondal Contents: SCOPE IFS Rating Takaful Structure Why need a modified rating approach Key
More informationThe Role for Takaful Companies
building value together 22 June 2012 The Role for Takaful Companies Hassan Scott Odierno, FSA Kuala Lumpur www.actuarialpartners.com Takaful is more than just Muslim insurance Takaful is a hybrid with
More information13th Global Conference of Actuaries 2011
13th Global Conference of Actuaries 2011 Emerging Risks Daring Solutions Azim Mithani Chief Executive Officer Prudential BSN Takaful Berhad Malaysia February 20 22, 2011 1 Market Opportunity 2 Understanding
More informationThe asset side of Takaful and implications on product design
building value together 13 November 2012 The asset side of Takaful and implications on product design Hassan Scott Odierno, FSA Istanbul www.actuarialpartners.com Conventional bonds Bonds are the backbone
More information6 th Global Conference of Actuaries 18-19, February, 2004, New Delhi
6 th Global Conference of Actuaries 18-19, February, 2004, New Delhi Takaful An Alternate Insurance Model By Abdul Rahim Abdul Wahab, FSA abdul.rahim@pk.ey.com (Subject Code 05 - Subject Group: General
More informationCooperatives. Perfect alignment of shareholders and consumers interest as they are one and the same entity. Theoretically this should result in;
www.mercer.com Cooperatives Autonomous association of persons united voluntarily to meet their common economic, social & cultural needs and aspirations through a jointly owned democratically controlled
More informationTakaful Accounting. By Omer Morshed September 3, 2003 DISCLAIMER:
By Omer Morshed September 3, 2003 DISCLAIMER: This document is provided for informational purposes only, and the information herein is subject to change without notice. Please report any errors herein
More informationTakaful and Mutual Insurance
Takaful and Mutual Insurance Business Challenges in Mutual Insurance and Takaful Serap Gonulal November 13, 2012 The four pillars of Takaful Takaful Regulatory and legal framework Transparency and consumer
More informationRisk-Based Capital Framework: Conventional vs. Takaful Operators
Risk-Based Capital Framework: Conventional vs. Takaful Operators Aida Yuzi Yusof (Corresponding author) Dept. of Applied Statistic, Faculty of Economic & Administration, University of Malaya Kuala Lumpur
More informationGOVERNMENT NOTICE No.. published on THE INSURANCE ACT (CAP.394) REGULATIONS. (Made under section 167) PART I PRELIMINARY
GOVERNMENT NOTICE No.. published on THE INSURANCE ACT (CAP.394) REGULATIONS (Made under section 167) THE INSURANCE (TAKAFUL) REGULATIONS, 2014 PART I PRELIMINARY Citation 1. These Regulations may be cited
More informationMethodology for Takaful & Retakaful Firms
Methodology for Takaful & Retakaful Firms By: Sobia Maqbool Senior Manager JCR-VIS Credit Rating Company Limited Singapore, November 25, 2008 Takaful Market Global Takaful market estimated at $ 4 billion
More informationTakaful Evolution of Unconventional Insurance
Takaful Evolution of Unconventional Insurance Takaful Life Working Party Presenter: Aiza Yasmin Benyamin Farzana Ismail 4 March 2016 Introduction Subject material inherently very large Research remit is
More informationThe Successful Development of a Dual Islamic Finance and Takaful System in Malaysia - Takaful Zainal Abidin Mohd. Kassim, FIA
The Successful Development of a Dual Islamic Finance and Takaful System in Malaysia - Takaful Zainal Abidin Mohd. Kassim, FIA 23rd Pacific Insurance Conference Kuala Lumpur October 2007 Introduction The
More informationEnjoy your family moments and the flexibility to protect them.
Takaful Elite Takafulink Enjoy your family moments and the flexibility to protect them. Protection that gives you time with your family and the wealth that they deserve. Few things are as precious as your
More informationTakaful and Retakaful Challenges and Opportunities for Actuaries
Life Conference and Exhibition 2011 Safder Jaffer and Lindsay Unwin (Milliman) Takaful and Retakaful Challenges and Opportunities for Actuaries 22 November 2011 2010 The Actuarial Profession www.actuaries.org.uk
More informationIFRS 4 Phase I and II:
building value together 19 th September 2012 IFRS 4 Phase I and II: The issues for takaful, implications for the Mudharabah and Wakala Model Zainal Abidin Mohd Kassim, FIA Senior Partner www.actuarialpartners.com
More informationISLAMIC INSURANCE: TAKAFUL
ISLAMIC INSURANCE: TAKAFUL A majority of Shari'a scholars find conventional insurance inadmissible in the Islamic framework. They have several objections against conventional insurance because it practiced
More informationIslamic Finance Rules (IFR)
Islamic Finance Rules (IFR) IFR VER02.150617 TABLE OF CONTENTS The contents of this module are divided into the following chapters, sections and appendices: 1. INTRODUCTION... 1 2. ISLAMIC FINANCE... 2
More informationJCR-VIS Credit Rating Company Limited. Affiliate of Japan Credit Rating Agency, Ltd.
Rating Agencies Methodologies for Takaful and Re-Takaful Firms By Sobia Maqbool Senior Manager JCR-VIS Credit Rating Company Limited Singapore, November 25, 2008 Honorable speakers, distinguished ladies
More informationALM as a tool for Malaysian business
Actuarial Partners Consulting Sdn Bhd Suite 17-02 Kenanga International Jalan Sultan Ismail 50250 Kuala Lumpur, Malaysia +603 2161 0433 Fax +603 2161 3595 www.actuarialpartners.com ALM as a tool for Malaysian
More informationIFN Oman Forum, Mar 7 th 2017
Fundamental & Essence of Takaful Tabrez Farooquee Head of Bancatakaful & Marketing Takaful Oman Insurance SAOG 92876789 IFN Oman Forum, Mar 7 th 2017 Agenda Introduction & Evolution of Takaful Takaful
More informationIslamic Finance: Coming of Age. 10/29/13 GAB Annual Islamic Finance Conference
Islamic Finance: Coming of Age 1 Islamic Finance Sector in Kenya 1. A Sector View 2. A Company View 2 Sector View 3 Company View 4 The Takaful Concept What is it? How does it work? How is it different
More informationTakaful. Dr. Muhammad Imran Usmani. SECP Takaful Conference March 14, 2007
Takaful Dr. Muhammad Imran Usmani SECP Takaful Conference March 14, 2007 Presentation Outline Conventional Insurance How Qimar & Riba exist in Conventional Insurance Definition of Takaful Mudarabah Model
More informationSYARIKAT TAKAFUL MALAYSIA BERHAD
1 Basis of Preparation The unaudited interim financial statements have been prepared in accordance with MFRS 134: Interim Financial Reporting issued by the Malaysian Accounting Standards Board ( MASB ),
More informationIndustry Update and RBC Development - Malaysia
Industry Update and RBC Development - Malaysia IAA Fund Seminar Singapore, 14 October 2013 Teh Loo Hai Recent Developments in Industry and Profession Requirement of actuarial expertise in risk management
More informationTakaful : defining ethical insurance. Zainal Abidin Mohd. Kassim Partner Mercer
Takaful : defining ethical insurance Zainal Abidin Mohd. Kassim Partner Mercer Presentation contents Takaful a primer Shariah Laws governing trade and business Takaful in practice Shariah compliant investments
More informationTakaful: Concepts and Practical Issues
Takaful: Concepts and Practical Issues Singapore Actuarial Society Inaugural General Insurance Conference 06-07 May 2009, Singapore Hussain Ahmad, FCAS Consulting Actuary Towers Perrin Agenda What is takaful
More informationISSUES SURROUNDING MANAGEMENT OF TAKAFUL SURPLUS. Sutan Emir Hidayat Senior Lecturer, Islamic Finance University College of Bahrain
ISSUES SURROUNDING MANAGEMENT OF TAKAFUL SURPLUS Sutan Emir Hidayat Senior Lecturer, Islamic Finance University College of Bahrain 1 OBJECTIVES OF THE PRESENTATION To explain the differences in the treatment
More informationSingapore Experience on Implementation of Risk Based Capital (RBC) Framework. 20 April 2009
Singapore Experience on Implementation of Risk Based Capital (RBC) Framework 20 April 2009 Agenda Overview of Singapore Insurance Industry Objectives & Principles of RBC Comparison with Old Solvency Framework
More informationPresentation to Bancassurance Conference Takaful Products
Presentation to Bancassurance Conference Takaful Products Johan Potgieter 13 May 2013 Aon Hewitt (Actuarial) / QED Actuaries & Consultants (Pty) Ltd 0 Contents Overview Islamic Law Principles Models of
More informationPrudential BSN Takaful Berhad (Company No H) (Incorporated in Malaysia)
Unaudited Condensed Interim Financial Statements For The Half-Year Ended 30 June 2013 (in Ringgit Malaysia) Contents Page Statement of financial position 1 Statement of comprehensive income 3 Statement
More informationPRINCIPLES OF TAKAFUL
PRINCIPLES OF TAKAFUL PRESENTED BY: IIU PRINCIPLES OF TAKAFUL Introduction to Takaful Comparison between conventional and Islamic Insurance Main elements of Takaful Insurance Types of Takaful contracts
More informationPAR AND NON-PAR PRODUCTS - WHICH WOULD BE THE PREFERRED WAY FORWARD
PAR AND NON-PAR PRODUCTS - WHICH WOULD BE THE PREFERRED WAY FORWARD IMPACT OF GUARANTEED SURRENDER VALUES Guided by Bharat Venkataramani Presented by Pradeep Kumar Anand Ramakant Malpani Saddam Hossain
More informationDevelopment of Risk Based Capital Framework in Singapore. Questor Ng, Raymond Cheung Singapore Actuarial Society
Development of Risk Based Capital Framework in Singapore Questor Ng, Raymond Cheung Singapore Actuarial Society History of RBC in Asia Indonesia Taiwan Malaysia Thailand 2000 2003 2004 2009 2011 Singapore
More informationAL MADINA INSURANCE COMPANY SAOG
1 AL MADINA INSURANCE COMPANY SAOG UNAUDITED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH Note Shareholders fund Participants fund General takaful Family takaful Total participants
More informationAL MADINA INSURANCE COMPANY SAOG UNAUDITED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE Participants fund. Total participants
AL MADINA INSURANCE COMPANY SAOG 2 UNAUDITED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE Note Shareholders General takaful Participants fund Family takaful Total participants fund Grand
More informationAl Khaleej Takaful Group Q.S.C. CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS 31 December 2012 INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF AL KHALEEJ TAKAFUL GROUP Q.S.C. We have audited the accompanying consolidated financial statements
More information29 th India Fellowship Seminar 1 st -2 nd June, 2018
29 th India Fellowship Seminar 1 st -2 nd June, 2018 Participating Funds - Most appropriate management & governance framework to ensure fairness to policyholders and the global practice. Anupam Sharma
More informationRisk Management and Governance in Takaful
building value together 30 th May 2016 Risk Management and Governance in Takaful Zainal Abidin Mohd. Kassim, FIA WB-IFSB-Turkish Treasury Conference, 30 & 31 May 2016 Istanbul www.actuarialpartners.com
More informationPrudential BSN Takaful Berhad. Unaudited condensed interim financial statements for the half-year ended 30 June 2017
Unaudited condensed interim financial statements for the half-year ended 30 June 2017 CONTENTS Page Unaudited statement of financial position 1 Unaudited statement of profit or loss and other comprehensive
More informationTakaful - Reviving the Mutual model
building value together 2 June 2011 Takaful - Reviving the Mutual model Zainal Abidin Mohd Kassim, FIA Global Insurance Conference 2011 www.actuarialpartners.com Proprietary based Insurance Consumers are
More informationAdvanced Diploma in Insurance
THE CHARTERED INSURANCE INSTITUTE 590 Advanced Diploma in Insurance Unit 590 Principles of Takaful April 2015 examination Instructions Three hours are allowed for this paper. Do not begin writing until
More informationauthorised under the Malaysian Insurance Act to carry out all insurance business
International comparison of insurance taxation Malaysia General insurance overview Definition Definition of property and casualty insurance company Commercial accounts/ tax and regulatory returns Basis
More informationIslamic Arab Insurance Co. (Salama) PJSC and its subsidiaries Directors report and consolidated financial statements for the year ended 31 December
Islamic Arab Insurance Co. (Salama) PJSC and its subsidiaries Directors report and consolidated financial statements for the year ended 31 December 2017 Directors report and consolidated financial statements
More informationTakaful & IFRS on insurance contracts. MASB Islamic Finance Master Class 21 November 2013
Takaful & IFRS on insurance contracts MASB Islamic Finance Master Class 21 November 2013 2 COMPETITION LAW CAUTION The participants in this event and the MASB shall not enter into any discussion, activity
More informationTRUST. TRANSPARENCY. INDEPENDENCE. Takaful Rating Methodology
TRUST. TRANSPARENCY. INDEPENDENCE Takaful Rating Methodology TAKAFUL RATING METHODOLOGY Preamble Shari a (Islamic Laws) may be termed as a rule of law, which fundamentally covers all practical and spiritual
More informationTax Briefing No 78. This content is more than 5 years old. Where still relevant it has been incorporated. into a Tax and Duty Manual
Revenue Commissioners Tax Briefing No 78 2009 Islamic Finance Introduction Islamic finance covers any financing arrangement that is compliant with the principles of Shari'a law. Specifically, there are
More informationCAPITAL ADEQUACY MODULE
CAPITAL ADEQUACY MODULE Table of Contents CA-A Date Last Changed Introduction CA-A.1 Purpose 01/2011 CA-A.2 Module History 04/2014 CA-B Scope of Application CA-B.1 Bahraini Licensee and Overseas Licensee
More informationNOOR TAKAFUL PLC PRODUCT DISCLOSURE SHEET FOR NOOR FLEXIP FAMILY TAKAFUL PLAN
3 rd Floor Akintola Williams House, 235, Ikorodu Road, Ilupeju, Lagos. Mobile: 234(0)8099444448 Website: www.noortakaful.ng NOOR TAKAFUL PLC PRODUCT DISCLOSURE SHEET FOR NOOR FLEXIP FAMILY TAKAFUL PLAN
More informationPOLICY NUMBER: POL 136
Chapter: FINANCE AND ADMINISTRATION Subject: FUNDING POLICY Effective Date: August 6, 2007 Last Update: March 28, 2017 PURPOSE STATEMENT: The purpose of this policy is to explain how the Workers Compensation
More informationThe Malaysian RBC Experience
The Malaysian RBC Experience Up to 2009, Malaysia operated in a net premium environment. The margins in valuation are at best artificial. Capital held as RSM (required solvency margin) had no bearing on
More informationTakaful and Poverty Alleviation. 8 th International Microinsurance Conference Dar es Salaam, Tanzania 8 November 2012
Takaful and Poverty Alleviation 8 th International Microinsurance Conference Dar es Salaam, Tanzania 8 November 2012 Overview of presentation Why is conventional insurance not allowed? Takaful principles
More informationNON-BANK FINANCIAL INSTITUTIONS REGULATORY AUTHORITY (NBFIRA)
NON-BANK FINANCIAL INSTITUTIONS REGULATORY AUTHORITY (NBFIRA) PENSIONS PRUDENTIAL RULES In terms of Section 50 of the NBFIRA Act Funding Valuation Rules Effective March 1, 2012 Contents 1. Introduction...3
More informationAggregate Margin Task Force: LATF Update
Aggregate Margin Task Force: LATF Update Mark Birdsall, FSA, MAAA William Hines, FSA, MAAA Tricia Matson, MAAA, FSA Aggregate Margin Task Force American Academy of Actuaries All Rights Reserved. Agenda
More informationISLAMIC FINANCIAL SERVICES BOARD. and INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
Issues paper ISLAMIC FINANCIAL SERVICES BOARD and INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS ISSUES IN REGULATION AND SUPERVISION OF TAKAFUL (ISLAMIC INSURANCE) August 2006 THE JOINT WORKING GROUP:
More informationEFU LIFE ASSURANCE LTD.
EFU LIFE ASSURANCE LTD. Window Takaful Operations EFU Life House, Plot No. 112, 8th East Street, Phase I, DHA, Karachi, Pakistan. Tel: (021) 111-EFU-HEM (111-338-436) Fax: (021) 34537519 Website: www.efuhemayahtakaful.com
More informationPOLICY NUMBER: POL 136
Chapter: FINANCE AND ADMINISTRATION Subject: FUNDING POLICY Effective Date: August 6, 2007 Last Update: August 30, 2018 PURPOSE STATEMENT: The purpose of this policy is to explain how the Workers Compensation
More informationNon-Traditional Insurance & Reinsurance
Non-Traditional Insurance & Reinsurance The Caribbean Actuarial Association 2007 Annual Meeting 6-7 December 2007 Nassau, The Bahamas Stéphane Lévesque, FCIA, FSA Member of the Caribbean Actuarial Association
More informationTAKAFUL EMARAT - INSURANCE (PSC) Financial Statements for the year ended 31 December 2015
TAKAFUL EMARAT - INSURANCE (PSC) Financial Statements for the year ended 31 December 2015 TAKAFUL EMARAT - INSURANCE (PSC) Financial statements for the year ended 31 December 2015 Contents Pages Independent
More informationDar Al Takaful Major Achievements And 2016 Plan
Dar Al Takaful Major Achievements And 2016 Plan Dar Al Takaful (DAT), established in 2008, has become a name to reckon with in the Takaful/Insurance market of UAE in a short span of time. Through its innovative
More informationOptimization of Integration Model in. Family Takaful
Applied Mathematical Sciences, Vol. 9, 2015, no. 39, 1899-1909 HIKARI Ltd, www.m-hikari.com http://dx.doi.org/10.12988/ams.2015.411930 Optimization of Integration Model in Family Takaful Puspa Liza Ghazali
More informationPractical Uses of Local Reporting in Taiwan. Kitty Ching 金肖雲 VP, Actuarial Risk Management
Practical Uses of Local Reporting in Taiwan Kitty Ching 金肖雲 VP, Actuarial Risk Management Joint Regional Seminar, 15 July 2009 Agenda Local Reporting in Taiwan Financial Reports & Risk Management Impact
More informationAL KHALEEJ TAKAFUL GROUP Q.S.C. DOHA QATAR
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2015 TOGETHER WITH IN DEPE NDEN T AUDIT OR S RE P ORT CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2015 TABLE OF CONTENT
More informationRisk Based Capital Agenda. Insurance Company Regulation RBC Background MEAF RBC Proposal
Agenda Insurance Company Regulation RBC Background MEAF RBC Proposal Insurance Company Regulation The U.S. Insurance industryis is regulated by the states. The state Insurance Commissioners have established
More informationTakafu( and~etakafuf. 'Ach"anced Princyles andpractices. Munich Re IBFIM TOBIAS FRENZ YOUNES SOUALHI. Second:Edition. Published by.
BFI Munich RE. Takafu( and~etakafuf 'Ach"anced Princyles andpractices TOBIAS FRENZ YOUNES SOUALHI Second:Edition IBFIM Published by Kuala Lumpur 2010 Munich Re Published by IBFIM 063075-W) 3rd Floor, Dataran
More informationPenetrating Impenetrable with Takaful
Penetrating Impenetrable with Takaful Family Takaful Focus By: Ravindra Mohan Email : mohan@aetins.com www.aetins.com World Takaful Conference. Dusit Thani. Dubai 13 th April 2015 Agenda 1. Industry Challenges
More informationauthorised under the Insurance Act to carry out general (or non life) insurance business.
International comparison of insurance taxation Singapore General insurance overview Definition Definition of property and casualty insurance company Commercial accounts/ tax and regulatory returns Basis
More informationETIQA TAKAFUL BERHAD ( D) (Incorporated in Malaysia)
(266243-D) Unaudited Condensed Interim Financial Statements For the six months period ended 30 June 2016 CONTENTS PAGE Unaudited Condensed Interim Statement of Financial Position 1 Unaudited Condensed
More informationIslamic Insurance revisited
Islamic Insurance revisited September 2011 Economic Research & Consulting Published by: Swiss Reinsurance Company Ltd 28th Floor Mevara Keck Seng 203 Jalan Bukit Bintang 55100 Kuala Lumpur Malaysia Telephone
More informationA Critical Analysis of the Malaysian Risk-Based Capital Framework: A Comparison between General Insurance and Takaful
Institutions and Economies Vol. 8, No. 4, October 2016, pp. 23-41 A Critical Analysis of the Malaysian Risk-Based Capital Framework: A Comparison between General Insurance and Takaful Aida Yuzi Yusof a,
More informationPPF 7800 Index 30 November 2018
PPF 7800 Index 30 November 2018 This update provides the latest estimated funding position, on a section 179 (s179) basis, for the defined benefit pension schemes potentially eligible for entry to the
More informationIntroduction & Historical Background How to sell Takaful Products? Recent Developments Bancatakful What is Banca & Why?
November 9 th - 10 th, 2015 Takaful is a fast growing concept of Islamic Insurance and it is not only the Shari ah Compliant risk covering product rather its feature of potential return gives it a competitive
More informationHong Kong RBC First Quantitative Impact Study
Milliman Asia e-alert 1 17 August 2017 Hong Kong RBC First Quantitative Impact Study Introduction On 28 July 2017, the Insurance Authority (IA) of Hong Kong released the technical specifications for the
More informationPrinciples and Practices of Financial Management in respect of Metropolitan s discretionary participation products
Principles and Practices of Financial Management in respect of Metropolitan s discretionary participation products Effective date: 30 June 2018 1 Contents 01 Introduction 1 Products covered by this PPFM
More informationGuidance on Special Matter No. 2 Presentation of Financial Statements for Takaful Companies; and Classification and Measurement of Qard
Guidance on Special Matter No. 2 Presentation of Financial Statements for Companies; and Classification and Measurement of Qard Preamble Entities Other Than Private Entities, with the exception of Transitioning
More informationTaxation in a Solvency II world
Life conference and exhibition 2010 Actuarial Profession s Tax Working Party: Trevor Fannin, Matthew Taylor Taxation in a Solvency II world 7-9 November 2010 2010 The Actuarial Profession www.actuaries.org.uk
More informationSafeguard Framework for Financial Services Liberalisation under ASEAN Framework Agreement on Services
PUBLIC DOCUMENT Safeguard Framework for Financial Services Liberalisation under ASEAN Framework Agreement on Services Guiding Principles for Listing Affecting the Supply of Financial Services The list
More informationSingapore: RBC2 Review Third Consultation
14 September 2016 Singapore: RBC2 Review Third Consultation On 15 July 2016, the Monetary Authority of Singapore (MAS) issued its third consultation paper on proposed changes to the Risk- Based Capital
More informationIntroduction to Financial Reinsurance. Dieter Kroll Associate Director Hannover Life Re International
Introduction to Financial Reinsurance Dieter Kroll Associate Director Hannover Life Re International 12 th Global Conference of Actuaries Mumbai, 18 th 19 th of February 2010 DISCLAIMER The information
More informationUNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2018
UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2018 UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2018 Contents Page Unaudited Condensed Statement
More informationRating Takaful (Shari a Compliant) Companies
BEST S METHODOLOGY AND CRITERIA Rating Takaful (Shari a Compliant) Companies October 13, 2017 Mahesh Mistry: +44 20-7-397-0325 Mahesh.Mistry@ambest.com Salman Siddiqui: +44 20 7 397 0331 Salman.Siddiqui@ambest.com
More informationThe Irish Association of Pension Funds. Title 1. New Funding Standard Guidelines - The Practical Implications.
The Irish Association of Pension Funds Title 1 New Funding Standard Guidelines - The Practical Implications Agenda New Regulations Brief Overview Risk Reserve Requirements Sovereign Annuities Sovereign
More informationWINDOW TAKAFUL OPERATIONS
WINDOW TAKAFUL OPERATIONS PARTICIPANT TAKAFUL FUND POLICIES 1. SHORT TITLE - These shall be called Participant Takaful Fund Policies 2. DEFINITIONS- Following are the definitions of the terminologies used
More informationA Review of the Development of GCC Takaful Rating Fundamentals and Catalysts for Growth Over the Next Decade
10 th Anniversary The A Review of the Development of GCC Takaful Rating Fundamentals and Catalysts for Growth Over the Next Decade Mahesh Mistry Director - Analytics A.M. Best Europe Rating Services Ltd
More informationThe University of Connecticut Foundation, Incorporated Consolidated Financial Statements June 30, 2017 and 2016
The University of Connecticut Foundation, Incorporated Consolidated Financial Statements Index Page REPORT OF INDEPENDENT AUDITORS... 1 FINANCIAL STATEMENTS Consolidated Statement of Financial Position...
More informationNEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES NEW YORK, NY 10004
NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES NEW YORK, NY 10004 GUIDELINES WITH RESPECT TO PREPARING PLAN OF OPERATIONS and ACTUARIAL PROJECTIONS IN CONNECTION WITH APPLICATIONS FOR NEW YORK LICENSES
More informationInsights. Review of the Risk-Based Capital Framework in Singapore. Review of the Risk-Based Capital Framework in Singapore. The details emerge
June May 2014 Insights Review of the Risk-Based Capital Framework in Singapore Review of the Risk-Based Capital Framework in Singapore The details emerge emerge The Monetary Authority of Singapore ( MAS
More informationSupervisory Statement SS14/16 Reporting instructions for non- Solvency II firms (except friendly societies) October 2016
Supervisory Statement SS14/16 Reporting instructions for non- Solvency II firms (except friendly societies) October 2016 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation
More informationW&I Insurance in the context of Renewables and Infrastructure. Munich, 9 March 2017 Renewables Day
W&I Insurance in the context of Renewables and Infrastructure Munich, 9 March 2017 Renewables Day Quick overview of recent W&I history 1,600 1,200 # Submissions EMEA 1,400 800 400 0 400 810 600 380 2013
More informationA.M. BEST METHODOLOGY
A.M. BEST METHODOLOGY December 2, 2011 Contents Principles of Takaful...1 Takaful Models & Structures...2 Main Characteristics of Takaful Companies....3 Analysing a Takaful Company...4 Appendix 1 Sample
More informationZURICH TAKAFUL MALAYSIA BERHAD (Formerly known as MAA Takaful Berhad) (Incorporated in Malaysia)
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2016 UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2016 CONTENTS PAGES UNAUDITED INTERIM
More information