Duggan Consulting Limited

NAME OF FEATURE | THE GLEANER | MONDAY, NOVEMBER 30, 2020 7 actuarial services to many compa- nies and trustees in Jamaica and the rest of the Caribbean. The other countries in the Caribbean included Barbados, Trinidad, Dominica, St Lucia and Belize. Most of these Caribbean countries now have their own actuaries. Our consultancy services over the 50 years are set out below: (a) Pensions consultancy including: - establishment and design of new pension funds - costing of benefit improvements for pension funds - assistance with rules and benefit design - performing triennial actuarial valuations for pension funds - performing IAS 19 valuations for accounting purposes - preparing winding-up and par- tial winding-up valuations - independent review of all as- pects of insured arrangements, including assessment of annuity quotations (b) Investment consultancy: - selection of investment managers - measurement of investment performance - assistance with appropriate in- vestment strategy decisions - assistance with statements of investment policies and principles (c) Life insurance consultancy: - product design and pricing - assistance with the establish- ment of new companies - advice to the Superintendent of Insurance (d) Non-life insurance: We are one of the consulting firms approved by Cabinet to assess gen- eral insurance tenders for govern- ment agencies. We have assessed hundreds of tenders over the years. (e) Employee communication: - preparation of explanatory literature andmembers’handbooks for pension funds - preparation of members’ statements - preparation of option forms - talks at members’meetings (f) Other areas of expertise over the years: - trustee training seminars - pensions administration - valuation of life interests and reversions SUPERINTENDENT OF INSURANCE For nearly 30 years, we were the actuarial advisers to the Superintendent of Insurance in Jamaica, startingwithMr HarryMilner in the 1970s.The superintendentwas responsible for regulating the insur- ance industry.This continueduntil the establishment of the new regulator, the Financial Services Commission. ESTABLISHMENT OF TENDER SYSTEM Finally, our firm, mainly with the assistance of John Taylor, a gen- eral insurance actuary from the UK, helped to establish the tender system to assess general insurance tenders for government agencies. DUGGAN CONSULTING LTD 50TH ANNIVERSARY HISTORY CONTINUED FROM 6 Caribbean Actuarial Association Conference. Seated (from left): Stephen Smit (from Suriname), Daisy Coke, Franz Alcindor (from Haiti). Standing (from left): Horace Johnson, Astor Duggan, Mike McLaughlin. For nearly 30 years, we were the actuarial advisers to the Superintendent of Insurance in Jamaica, starting with Mr Harry Milner in the 1970s. The superintendent was responsible for regulating the insurance industry. This continued until the establishment of the new regulator, the Financial Services Commission.