As an example, this is why we have taken the lead in tailoring our framework for the Takaful and retakaful markets. We believe that insurance firms should have proper public disclosures that reflect their true financial positions. The disclosure of an appropriate level of technical and mathematical reserves must be in line with international actuarial standards.
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.