Division 1 - Financial Services

  • Indicate the current number of members/clients/policyholders and show movements over the last five years.
  • State major sources of income and profit (include both core and non-core business).
  • Explain how changes in government monetary and fiscal policy affect the organisation’s policies, especially those relating to lending and borrowing.
  • Discuss interest rates and margins/overheads, over at least five years.
  • Explain the method of calculation of deferred income.
  • Provide a breakdown of receivables and investments into major categories of business in the review of operations and balance sheet.
  • Provide details and explain movements in specific and general provision for impaired assets, including the basis of calculation.
  • Comment on major changes in financial instruments, in particular exposure to changes in the value of hedges and positions.
  • Comment on financial services refinements proposals and their impact on compliance processes
  • Outline the operations and performance of associated companies and their impact on the organisation.
  • Disclose movements in premiums over at least five years.
  • Outline the philosophy of the organisation and how policy holders/members benefit from participating.
  • Comment on service standards/benchmarks,
  • Comment on consumer education on issues such as under-insurance
  • Explain the method of calculation of deferred income.
  • Explain the basis of calculation for the provisions for outstanding claims and unearned premiums.
  • Comment on financial services refinements proposals and their impact on compliance processes.
  • Comment on any significant reinsurance issues, including actuarial comments, and changes which effect public liability.
  • Explain the impact of any unusual but substantial events that have resulted in significant spikes in claims and discuss the future impact of those events.