We also anticipate the industry to meet the needs of the market and beneficiaries to increase their confidence in the insurance activities. It is important that insurance companies strike a balance between the size of business and geographic expansion, and human and financial resources and operating infrastructure. I would like to conclude the speech by emphasizing the importance of the insurance sector with respect to employment and training of male and female citizens through paying more attention to the development of human resources and training policies and increasing Saudization. SAMA has designed a compulsory exam on the basics of insurance activities to measure employees’ competence and insurance providers’ awareness of insurance fundamentals including laws, regulations and standards. Companies are required to organize vocational and technical development programs to raise insurance awareness and help provide qualified manpower to serve the insurance sector and the country well. Thank you for your attention. I wish you all a successful symposium. 2  BIS central bankers’ speeches
The danger is that, if we do not proceed with due care, hurried decisions will be made that will be revealed to be poorly conceived the next time the financial system runs aground, which might not occur until decades from now. The other point I wish to make is that the Central Bank of Iceland will do its utmost to ensure that this policy-making process is carried out as meticulously as possible, and its staff have significant expertise on all of these issues. The Bank’s next major contribution to this process will be an in-depth report on Iceland’s options for a currency regime, which will be published this spring or early this summer. 6  BIS central bankers’ speeches  Before I close, I would like to thank the Central Bank’s many collaborators for a successful cooperative relationship over the past year. Particular thanks are due to the ministries with which the Bank works most closely: the Ministry of Economic Affairs and the Ministry of Finance, as well as the Prime Minister’s Office and the Ministry for Foreign Affairs. I would also like to express my gratitude for the cooperation with the Parliament of Iceland, particularly the Economics and Commerce Committee. In addition, I wish to thank the Financial Supervisory Authority for successful collaboration in 2011, the first year of the new cooperation agreement between the two institutions. And last, but certainly not least, I would like to thank the staff of the Central Bank for their work during the year.