Hassan Al -Sitry
The Public Authority for Social Insurance confirmed the conduct of annual on a general review of the sustainability of the Insurance Fund, according to the applicable accounting criterion, and a comprehensive evaluation is carried out periodically every three years for the account.
She indicated that the actuarial obligations established for the fund in accordance with the accounting standards of 2023 AD are estimated at 13,420 million dinars, and those obligations are only devoted to providing financial support allocated to job seekers and unemployed due to their loss of their jobs, and therefore it can be said that the fund’s obligations are in nature short -term obligations.
The exchange obligations from the insurance against the disruption mainly depend on the number of beneficiaries of it, as the number of beneficiaries of the fund increased from 15,000 beneficiaries during the past year to 18 thousand beneficiaries at the end of this year, and accordingly if the number of beneficiaries continues at the same pace, this will increase the fund’s obligations, while if their numbers decrease, this will lead to a reduction in its obligations.
The issue of balance between the revenues and expenses of the Insurance Anti -Blind Fund is taken into consideration, and in the current situation there is a major surplus compared to the fund’s obligations; Therefore, there are no actuarial obligations to the fund in the long run, and therefore these data are reflected in the nature of the investments.
The assets of the Insurance Fund are currently estimated at about 463 million Bahraini dinars at the end of this year, and that any large withdrawals will negatively affect the net assets, and according to the current situation in which the fund’s obligations are estimated at about 2.5 to 3 million dinars per month, equivalent to 35 million dinars annually, the subscription revenues cover the obligations.
The authority stated that there is no specific management with the authority to start investment business, as these businesses are carried out directly by the asset management company of the authority and subject to the control of the Central Bank of Bahrain, as this company includes the administrative structure appropriate to start investment business and control asset management and risk, and a asset company has a specific system to reduce the risk of investment, and it also has specific criteria for distributing assets such as estimating liquidity and investments, and is established By setting the investment policy of the fund’s resources, and it is submitted to the Authority’s Board of Directors in preparation for discussion and approval, in addition to that, the company provides periodic reports to the board of directors to show the extent of progress in the completion of these policies.
She pointed out that the Insurance Againing Fund is committed to disbursing subsidies to those who are entitled to it according to the dates specified for it, and there is no delay in exchange, as the authority receives files of those who are entitled to the subsidy on a monthly basis from the Ministry of Labor and accordingly the subsidy is disbursed immediately, and in the event of delay cases, it may be due to the delay in the Ministry of Labor in referring lists and files of those who are entitled to the subsidy.
The authority indicated that the Insurance Fund against the failure is trying to get rid of its investments in the field of real estate, given that the current economic conditions do not allow investment in this field in a commercial manner, with no return to return to investment in this aspect as soon as these conditions improve.
