Recently, The Conference of Actuarial Professions was held at King Khalid University in Abha from 7 to 9 /06/1435 AH, corresponding to 7 to 9 /04/2014.
The conference witnessed holding a number of lectures, presented by six keynote speakers, in addition to submitting 66 researches and worksheets from inside and outside the Kingdom. They have been selected from among more than 200 participations, which sent to the conference, and presented on three parallel halls for both women and men.
Hereafter the top recommendations that resulted from this conference:
The first recommendation
To establish departments of Insurance and Actuarial Science in Saudi universities with the aim of preparing specialized cadres in this field.
The second recommendation
To increase scholarships and training in the specialty of Insurance and Actuarial science, through cooperating with experienced universities, institutes and international bodies, to meet the growing demand for specialists in both the professional and academic fields.
The third recommendation
To establish centers for research and insurance and actuarial studies, which are interested in conducting researches, theoretical and practical studies in the field of Insurance and Actuarial Science.
The fourth recommendation
To establish associations and specialized professional bodies, which follow up a profession and the establishment of its regulations, professional and ethical systems, and arrange qualifying exams for actuarial specialists.
To educate and retrain non-specialists in the actuarial field, as a temporary solution to meet the urgent requirements of the profession currently.
The sixth recommendation
To hold more conferences, seminars, scientific meetings and workshops to discuss the issues of insurance and actuarial profession and putting appropriate theoretical and practical solutions, in addition to inviting insurance institutions to participate, support and launch experiments.
The seventh recommendation
To spread the culture of risk management in various institutions, and to raise awareness among individuals about the importance of insurance and its objective, as it is an appropriate option, not just to avoid the penalties of non-compulsory insurance.
The eighth recommendation
To establish a body to manage risks within the institutions of insurance, its task is to discover, measure and classify and analyze risks, in order to determine the appropriate policy to face any danger.
The ninth recommendation
To adopt a system that supports micro- solidarity insurance for low-income classes, and micro-enterprises and ensure funding. It is considered a way to achieve comprehensive development and an alternative to the system of subsidies.
The tenth recommendation
To link incentives and salaries for workers in the public and private sectors, as well as subscriptions and insurance benefits for various segments with inflammation rates, so as to address the actuarial deficit.
The eleventh recommendation
To include, within the current system of the companies in the Kingdom of Saudi Arabia, special section for cooperative insurance companies, in order to break the cycle of conflict between the terms of the Companies, and the defective brevity in Control System for Cooperative Insurance Companies.
The twelfth Recommendation
To establish specialized judicial circles, affiliated to the Board of Grievances, in various degrees of litigation, to adjudicate insurance disputes in light of the legal systems, which are approved in the field of insurance.
The thirteenth recommendation
To reconsider the control system of insurance companies in the Kingdom, and to develop more options for the insured and their insurance companies, with the flexibility and expansion in presenting insurance products.
The fourteenth recommendation
To create an integrated Actuarial program to manage risks of floods and natural disasters in the Kingdom.
The fifteenth recommendation
To use actuarial data, derived from the Saudi environment in which the Saudi insurance companies operate, and to prepare Saudi life tables.
The sixteenth recommendation
To enable small insurance companies to conglomerate in large entities to maximize their strength and ability to compete.
The seventeenth recommendation
To establish a co- Gulf fund to manage crisis and natural disasters, working under the umbrella of the Gulf Cooperation Council.
The eighteen recommendation
To take into account the Privacy of insurance companies during the process of accounting and auditing, and to determine professional standards regarding that.
The nineteenth recommendation
To establish a higher advisory board, including experts in insurance and actuarial science and other disciplines that are relevant to the field of insurance companies in the Kingdom, and to supervise and control the work of these companies.
To create balance between openness and militancy in the establishment of new insurance institutions in the Kingdom by ensuring the ability of this institution to continue, regarding the financial, human and technical aspects.