##duration courses addressing the needs of all segments of the financial sector – banking, insurance and capital markets. in conclusion, i would like to congratulate the bibf and sii for reaching this significant milestone today. let us all work together to ensure that bahrain retains its leading edge as a financial centre and as a centre of excellence in financial training and education. thank you.

and the need to adapt and revamp business strategies if companies wish to pursue growth opportunities in the region. in this context, let me outline some of these strategies and business practices that insurers need to address. first, the events surrounding the aig group have led to a tightening of reinsurance rates, a business aspect that is crucial in the smooth functioning of an insurance market. the current status of reinsurance capacity in our region needs to be scrutinized and companies must adapt new strategies based on their current assessment of the reinsurance markets. second, as insurance providers, companies receive funds from policyholders up front and must make important investment decisions to ensure that liquidity needs are met when called upon by policyholders. the current investment climate has been plagued with much uncertainty with many “ sure ” investments having disappeared from the financial landscape. who could have imagined that lehman brothers would no longer be an active member of the financial industry? companies therefore need to revamp their investment strategy to cope with these changes. third, we need to be reminded of the importance of having in place a good corporate governance regime. corporate governance is a key component in ensuring the overall soundness of all companies, including insurance firms. the valuation of shares as well as public disclosure and transparency are highly dependent on management ’ s approach to a sound framework of corporate governance. while it is sometimes tempting for those in the industry to view regulation as a burdensome imposition from outside, the financial crisis has been a reminder that markets need effective regulation if they are to operate properly. as a regulator, we at the cbb believe in creating a climate that encourages the development of a strong and sound insurance sector. in bahrain, we have welcomed several new companies over the last few years, a testimony to the belief that we offer an environment where companies can explore growth opportunities. these new entrants, many from world class international insurance players, have provided further evidence that there are ways to tackle the low level of insurance penetration in the region by offering products uniquely tailored to meet the local demand. several of these new entrants, have seen great advantages in setting up their regional headquarters in bahrain, having access to significant markets in the region. my remarks have highlighted key areas that insurance firms must focus on. i trust that this forum will provide you with the opportunity to have fruitful discussions over the next two days. additionally, i encourage all of you to look closely at your current business strategies and the need to possibly tailor them