RIYADH,14th February, 2023 (WAM) — A delegation from the General Pension and Social Security Authority (GPSSA) is participating in a training workshop in Saudi Arabia as a continuation of a preparedness meeting organised by the permanent technical committee for GCC civil retirement bodies, who previously met in Bahrain and Kuwait.
The delegation includes Mohamed Saqer Al Hammadi, Pension Operations Department Head who is representing the GPSSA in the field of pension and social insurance; Hind Al Suwaidi, Benefits Management Department Head and Acting Executive Director at the Pension Sector who is representing actuarial studies, and Abdullah Mohamad Baqer, Legal Researcher at the Legal Affairs Office who is representing insurance inspection.
During the workshop held at the General Organisation for Social Insurance (GOSI) in Riyadh and taking place until 16th February, the parties discussed best practices and experiences; services; risks and causes; challenges related to the payment of registration and contributions; the overall infrastructure of pension systems and the importance of exchanging data and analysis.
Workshops on actuarial studies cover the risks associated with the field of social insurance that is monitored through analysing the demographic environment associated with participants; the pension system in different countries and their related legislations; financial plans, risk management, assets, investments, financial position and the extent by which institutions can achieve financial sustainability and develop practical solutions to reduce the possibility of undesirable events.
The insurance inspection workshops review the role of an insurance inspector, and best practices demonstrated in the inspection process, the impact of those operational inspections on funds and ways to carry out operations proficiently to achieve the desired goal.
Other discussions will also highlight the professional, personal and behavioural qualities an inspection officer needs to possess, as well as an employer’s/entity’s obligation towards inspection officers and the scope by which inspection officers are allowed to carry out their duties without invading the privacy of the employer/entity or violating any of their power.