News | Wednesday, 15 July 2009

Commonwealth-sponsored African delegation trains in Malta

The Malta International Training Centre (MITC) has just hosted a group of African participants on an Insurance Supervision Training Programme held at the Excelsior Hotel between 22 and 25 June 2009.
Sixteen participants from the respective supervisory organisations in Uganda, Kenya and Tanzania attended the programme, which consisted of presentations made by local practitioners in the field of Insurance Supervision.
Specifically, the programme content included technical aspects which financial officers of insurance companies need to know in order to understand the operations of insurance companies, the risks to which these companies are exposed, and the regulatory practices used by the regulator to ensure compliance with legislation. Policies and procedures relating to on-site and off-site supervision were also presented, providing local practice as a base for discussion. The programme also delved into IFRS reporting as a tool to help in the better understanding of the operations of insurance companies.
At the end of the four-day programme, Mr Andre Farrugia, Director of Studies of the Malta International Training Centre and Ms Cheryl Bruce, Economic Adviser Economic Affairs Division - International Finance & Capital Markets Section, presented attendance certificates to the participants.
The Commonwealth Secretariat of the UK sponsored the expenses of the full programme.

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