Services 

CONSULTING SERVICES (LFFadri & Associates):
LIFE INSURERS & MUTUAL BENEFIT ASSOCIATIONS


1. Product Development: Review & Certification

  • Provide inputs and review, for consistency, appropriateness, and soundness, the formulations, assumptions, rates, other actuarial values and policy forms for the proposed products.
  • Sign the necessary documents needed to be submitted to the Insurance Commission for approval and if necessary, be with the Company's staff in meeting with the Insurance Commission staff.
  • Consulting services relative to the product within three (3) months from the date of approval.

2. Product Development: Full Service

Develop product from start to finish given the features and parameters specified by the Company. It shall include the following:

  • Pricing
  • Determination of reserves and non-forfeiture values
  • Preparation of policy provisions and other necessary forms
  • Preparation of documents / certifications and submission to the Insurance Commission for approval.
  • General consulting services relative to the product within three (3) months from the date of approval.

3. Valuation of Reserves: Review and Certification

  • Review the accuracy / reasonableness of statutory policy reserves, reserves for claims incurred but not reported and other miscellaneous reserves
  • Actuarial certification

4. Valuation of Reserves: Full Service

  • Conduct of valuation of policy other miscellaneous reserves
  • Actuarial certification

5. Audit of Actuarial Items:

  • Review the accuracy / reasonableness of statutory policy reserves, reserves for claims incurred but not reported and other actuarial items

6. Set Up of Mutual Benefit Association

  • Preparation of MBA rules
  • Development of basic benefit scheme
  • Financial projections

7. Retainer Basis

  • Product Development: Review and Certification (see Item 1 above)
  • Valuation of Reserves: Review and Certification (see Item 3 above)
  • General consulting services 

 


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