BEE Services

Bee Insurance Management Ltd is fully-geared up to provide an array of services. In addition to these standard services, Bee is in a position to consider and provide tailor made services which  best suit the nature and exigencies particular to one’s operation.

The following are services commonly opted for by clients:

Company Formation and registration Services

§           Assistance in the preparation of the documentation necessary in order to submit the application to the MFSA for the consideration of the granting of an insurance license. 

§           Drafting of the Scheme of Operations laying out the details of the business plan. The document will include:

–      Background to the Applicant and Business Planning

–      Target Markets and Marketing Plan

–      Financial Projections (3 year) and Resources

–      Investment Strategy

–      Human Resources, Outsourcing and Internal Controls

–      Business Strategy

–      Reinsurance Strategy

§          Issuance of a Report to the MFSA accompanying the Scheme of Operation as required by the MFSA.

§           Assistance in any replies to queries that the MFSA might have following submission of the application

§          Assistance in relation to the appointment of bankers, legal advisers, statutory auditors, actuaries, loss adjusters and other professionals as reasonably required

§           Assistance in the formation of the company with the Malta Registrar of Companies, in liaison with your appointed lawyers

Underwriting and Claims Administration

§      Underwrite risks in line with the criteria set forth by the board of directors

§      Maintain proper records for all insurance proposals underwritten and accepted by the authorised officials of the company.

§      Handle claims, from notification stage to claims settlement 

§      Maintain proper records for all claims made against the company in respect of insurance policies issued by the company.

§      Assist the company to collect all monies due under contracts of insurance issued by the company in accordance with the credit terms approved by the company.

§      Review and monitor underwriting and claims settlement authorities delegated by the company.

§      Monitor that Insurance Premium Tax has been paid directly by the company’s fiscal representative.

§      Analyse claims and agree IBNR/IBNER reserving policy with the Board of the company.

§      Under the direction of the Board and/or the Underwriting Committee, liaise with the company’s appointed reinsurers/brokers to determine applicable outwards reinsurance cover terms and rates.

§      Collect, review and file respective outwards reinsurance cover notes entered into by the company.

§      Ensure premium payment clauses on reinsurance contracts are met.

§      Assist the company in pursuing recoveries from reinsurers and the collection of payments due under any contracts of outwards reinsurance entered into by the company.

§      Assist the company to respond to complaints from policyholders in accordance with the complaints procedure set out in the policy documentation.

Accounting

§      Initiate and maintain in accordance with established accounting principles (IFRS’s) applicable to the business of insurance, proper accounting records and such other books of account as applicable to the business of the company.

§      Prepare and provide to directors periodical management accounts of the company.

§      Provide annual management accounts to the company’s auditors for the purpose of the audit.

§      Assist in the preparation of the annual financial statements in accordance with  IFRS.

§      Assist in the preparation of budgets based on the strategy and business forecast of the company.

§      Prepare management reports as required. These will include analysis of technical and non-technical results.

Banking and Cash Management

§      Arrange for the opening and maintaining of bank accounts and subsequent investment of the company’s funds in accordance with instructions issued from time to time by the Investment Committee/Directors.

§      Carry out and maintain monthly reconciliations of such bank accounts.

§      Monitor and follow up outstanding balances due to the company and keep directors informed of any outstanding balances when requested.

§      Prepare payments for monies due by the company as instructed by the directors.

Investment Reporting

§     Assist in defining the investment strategy, ensuring investments fall within the admissibility rules as defined by the Regulations.

§      Liaise between your investment manager and your Investment Committee

§      Report to the Investment Committee and Board of Directors on investment returns

Statutory Filings

§      Bee will undertake to ensure that the Tax and Regulatory returns are submitted to the relevant authorities in a timely fashion and liaise with the company’s advisers in so doing, as applicable.

Regulatory Compliance

§      Provide a Compliance Officer and/or Money Laundering Reporting Officer.

§      Facilitate onsite supervisory visits by the Regulator at Bee’s offices.

§      Monitor and investigate the business practices and processes of the company to ensure adherence to applicable laws and regulations.

§      Provide directors with an initial compliance programme and an update on compliance matters at each board meeting.

Company Secretarial

§      Provide the  Registered Office.

§      Maintain at its Registered Office and update as required, the statutory registers of the Company.

§      Maintain the Minute Book of the Company containing minutes of all director and shareholders’ meetings.

§      Make arrangement for the calling and holding of director and shareholder meetings at Bee’s offices in Malta. Liaise with directors to prepare an Agenda for the meetings and circulate therewith a notice and respective Meeting Pack.

§      Take minutes at the meetings of directors and/or shareholders, writing and distributing said minutes.

§      Make all relevant returns to the Registrar of Companies.

Human Resources Services

§      Provision of payroll services in accordance with the laws of Malta.

§      Prepare payments of the Final Settlement System and Social Security contributions to the Commissioner of Inland Revenue.

§      Preparation and submission of all necessary returns for directors and employees of the Company.

Back to Bee Insurance Management >