To reinforce our belief in the added value of using actuarial expertise, we are requiring all companies licensed by the CBB to produce on a regular basis a detailed actuarial report, outlining the basis of the liabilities appearing on companies’ balance sheet.
These reports are reviewed and in some instances subject to further scrutiny should we believe that there may be a tendency to understate claims liabilities or to ignore the need to set up premium deficiencies where products are being priced well below profitable rates to “squeeze out” the competition.