The Central Bank of Bahrain (CBB) has held a regional seminar for insurance supervisors in the Mena region, which focused on capital adequacy, risk assessment and on-site inspection.

The eighth regional seminar, which took place in Bahrain from March 24 to 26, was organised by the Financial Stability Institute (FSI), of the Bank for International Settlements in association with the International Association of Insurance Supervisors, and with the support of CBB.

The meeting was attended by insurance supervisors from more than 11 countries throughout the Mena region.

“This was the second time the FSI organised this regional seminar in Bahrain, following on previous events that took place in Lebanon and Jordan” said Nader Al Mandeel, director, insurance supervision, CBB.

“The CBB is delighted to partner with the FSI in hosting such important gatherings,” he added.

Speakers featured at this regional seminar were a mix of supervisors and industry representatives.

Gunilla Borer, senior financial sector specialist, FSI, spoke on risk-based frameworks and processes for solvency and supervision as well as on suitability, corporate governance and internal control.

Michael Holm, director, at the Finanstilsynet in Denmark talked about risk diversification and mitigation, including reinsurance and on on-site inspection, early warning signals and supervisory action.

Also included in this seminar were presentations on asset and liability management and evolving accounting practices and international standards.

“The seminar added considerable value to the training of insurance supervisors in the Mena region. Such programmes are essential for supervisors, who are being increasingly challenged by the ever-increasing complexities of the financial world,” Mandeel added. - TradeArabia News Service