As part of our service offer, we will also be on hand to assist in the filing of the statutory and regulatory returns with Our services are aimed at allowing you to focus on your company’s core competences. By engaging us to assist you, you will not only have the peace of mind that your requirements are being handled by qualified professionals, but you will also know that we are acting as an extension of your team. You can engage us to undertake feasibility studies or to advise you on licensing and company incorporation. You can outsource your underwriting and reinsurance requirements to us, as well as the handling of claims. We can handle your accounting and cash management, and provide you with investment reporting. Our specialists will assist you with compliance and risk management issues. Bee’s portfolio also includes the provision of company secretarial, human resources, administration, as well as registered office services.
Moreover, our size and flexibility make it possible for us to provide you with services which would best suit the nature and exigencies of your operation.
As part of our service offer, we will also be on hand to assist in the filing of the statutory and regulatory returns with the MFSA. The Authority also carries out on-site inspection visits of insurance undertakings, and in this regard we could assist in the collation and preparation of all the relevant documentation both in advance of, during, and after the meeting. As issues identified by the MFSA during such meetings would need to be addressed within a stipulated time-frame, we could help you formulate any feedback necessary to the MFSA.
Underwriting & Claims
Accounting
Risk Management
Regulatory Compliance
Investment Reporting
Underwriting & Claims
As part of our service, we shall review and monitor all We can assist in the preparation of the documentation necessary when submitting the application to the MFSA for an insurance licence. In this regard, apart from drafting the Scheme of Operations i.e. the laying out of the details of your business plan, we can also issue, on your behalf, the relevant report accompanying the Scheme of Operations, as required by the MFSA. Subsequently, we can help you handle the replies to any queries from the MFSA following the submission of your application. We can also provide support when it comes to the appointment of your bankers, legal advisors, statutory In line with our mission to provide a complete insurance management In line with our mission to provide a complete insurance management solution for our customers, we will undertake the full range of functions associated with your underwriting and claims. We will endeavor to underwrite risks in line with the criteria established by the board of directors. These will be accompanied by proper records for all the relevant transactions. Our experienced staff will handle any claims arising, from notification stage, to claims settlement and record keeping. We will also assist you in collecting all monies due under contracts of insurance issued by the Company in accordance with the credit terms approved by the Company.
As part of our service, we shall review and monitor all underwriting and claims settlement authorities delegated by the Company. We will ensure that any insurance tax has been paid directly by the Company’s fiscal representative, analyse claims, and agree the IBNR/IBNER reserving policy with the board. We can also liaise with the Company’s appointed reinsurers/brokers to determine applicable outwards reinsurance cover terms and rates. We can then proceed to collect, review and file respective outwards reinsurance treaty documentation entered into by the Company, and ensure that premium payment clauses on reinsurance contracts are met. Furthermore, we will be at hand to pursue recoveries from reinsurers and the collection of payments due under any contracts of outwards reinsurance entered into by the Company, and help respond to complaints from policyholders in accordance with the complaints procedure set out in the policy documentation.
Accounting
When undertaking accounting services on your behalf, we aim to serve as an extension of your organisation. We will therefore initiate and maintain proper accounting records, prepare and provide to directors periodical management accounts, as well as annual management accounts for auditing purposes, and assist in the preparation of the annual financial statements. We will also lend our expertise to the preparation of budgets based on the strategy and business forecast of the Company. Whenever required, we will produce management reports which can analyse both technical and non-technical results.
Based on the information we get from your tax advisors, we will handle any taxation-related requirements, such as the payment of income tax or VAT, together with any collection of tax refunds. We will provide your company representatives or your tax advisors with all the information they need, including a calculation of corporate taxation, for them to complete your tax return.
Our executives will also handle the opening and maintaining of bank accounts, including monthly reconciliations, monitoring of outstanding balances, and payments. They will manage the investment of the Company’s funds in accordance with instructions issued from time to time by the Company’s investment committee or its directors.
Risk Management
Risk management is one of our major areas of specialisation. Our service encompasses the entire risk management process, and our assistance will be forthcoming in defining the Company’s risk strategy, as well as the planning, design and implementation of an overall risk management policy and procedures. We will also be available to assist in establishing and quantifying the Company’s risk appetite, to conduct risk assessments and the evaluation of risks affecting the Company, and to monitor these. We will periodically report to the Board of Directors on risk management, and prepare and maintain the necessary documentation in line with MFSA requirements. We can also be present during any MFSA compliance visit.
Regulatory Compliance
As part of our service, we shall provide a compliance officer and/or money-laundering reporting officer, who will monitor and investigate the business practices and processes of the Company to ensure adherence to applicable laws and regulations. We shall also provide directors with an initial compliance programme and an update on compliance matters at each board meeting, and facilitate onsite supervisory visits by the Regulator at Bee’s offices..
Investment Reporting
As part of our service, we shall provide a compliance officer Our service encompasses the entire risk management process, Our service will include providing assistance in defining the Company’s investment strategy, ensuring that investments fall within the admissibility rules as defined by the Regulations. We undertake to liaise between your investment manager and your investment committee, and report to the investment committee and board of directors on investment returns, keeping your investment manager informed of proceedings at all times.