Consulting is Callidus’ core business. Our consultancy is tailored to support insurers, reinsurers, coverholders and intermediaries on their various regulatory issues. In an ever-changing legal environment, clients require advice in a consistent basis and we ensure that our clients receive timely advice on all regulatory matters.

Our experienced consulting team possesses in-depth knowledge of DIFC, UAE and wider MENA region’s insurance related laws and regulations. We are able to provide practical solutions on day-to-day risk, compliance and regulatory issues.

DIFC/DFSA Authorisations

We assist clients with full fledged application assistance both at the DFSA and DIFC authority. The application process can be fairly complex depending upon the nature size and complexity of the business. Callidus has assisted insurers, reinsurers, intermediaries and coverholders with their application processes and has helped several businesses licensed.

The scope of service provided for the application for Authorization is as follows: -

  • Preparing the draft Regulatory Business Plan
  • Preparation of Regulatory Applications, Forms & Statutory Documents
  • Drafting of the Regulatory Policies
  • Developing a Risk Management and Compliance Framework
  • Attending meetings with the DFSA

Regulatory Business Plan

The Regulatory Business Plan (“RBP”) is the roadmap for any business and there is a prescribed template to submit the same. We have assisted several clients in drafting their RBP and have provided valuable advice in terms of the regulators expectations. It is critical that the amount of detail in the RBP should be proportionate to the nature of the business to be carried out, and should be appropriate to your business risks.

The preparation of the RBP by our consultants will include the following (among others):

  • Introduction and background
  • Strategy and rationale for establishing in the DIFC
  • Organisational structure
  • Management structure and organisation (corporate governance)
  • Proposed resources (non-financial resources)
  • High level controls
  • Financial Projections

Outsourced Compliance/MLRO

Callidus assists firms who wish to outsource their Compliance/MLRO function. Our consultants currently support insurers, coverholders and intermediaries and act as the outsourced Compliance/MLRO. We ensure that the organizations abide by both industry practices and government legislation.

The scope of services of our Outsourced Compliance/MLRO functions includes:

  • Compliance Monitoring Programme
  • Compliance Report
  • KYC check & documentation
  • Consultation on various regulatory aspects
  • Compliance & AML training programme
  • Submission of Regulatory returns and statutory applications
  • Establishing and maintaining policies, procedures, systems and controls
  • Liaison to Insurance Authority and the DFSA

Policies and Manuals

As part of the DFSA requirements, authorized firms are expected to have compliance manuals and policies outlining their systems and controls. We assist firms in drafting their compliance manuals, policies and procedures. Our compliance manuals are drafted with a focus on insurance businesses and does not include any requirement that is not relevant to the insurance business.

Among others, the key regulatory policies required during and after the application for Authorisation are as follows:-

  • Compliance Policy
  • AML Policy
  • Complaints Policy
  • Data Protection Policy
  • Whistleblowing Policy
  • Risk Management Policy
  • Anti-Bribery Policy
  • Conflict of Interests Policy
  • Document Retention and Disposal Policy
  • BCP & DRP Policy
  • Fraud Policy
  • Marketing Communications Policy

Compliance Monitoring

A compliance monitoring programme (“CMP”) enables a firm to identify the gaps and weaknesses in its systems and controls. Callidus’ compliance monitoring programme is designed to identify any such deficiency in the systems and controls.

Some examples of Callidus’ CMP tests are: -

  • KYC and sanction checks performed on cedents, brokers and original insured
  • Appropriate apportionment of Board responsibilities
  • Clear reporting lines
  • Effectiveness of Risk Register
  • Effectiveness of Internal Audit
  • Fit and Proper test
  • Statutory documents updated and current
  • Insurance monies held correctly
  • Adequate capital and liquidity requirements
  • Policy and procedures are up to date

Training & Competence

Firms are expected to provide training to all their employees at the time of joining and a minimum of an annual training to all employees. As part of the services we provide, training is an integral part of all firms' compliance programmes.

Our training focus is on Anti-Money Laundering, Sanctions, Conduct of Business, General Module, PIB Module, PIN Module, Anti-Bribery & Corruption, and Admitted and Non-Admitted Restrictions.

Callidus Consulting also partners with an accredited CII training provider to deliver training programs.

KYC/AML Screening

KYC/AML screening is an integral part of Callidus’ services and we have a dedicated team undertaking a risk based KYC/AML/Sanctions screening for all our clients.

As insurance specialists, we carry out extensive KYC on Cedants, Reinsurers, Brokers, Coverholders, and additionally carry out single name checks on all original insureds for all facultative businesses. Our turnaround time for all checks is very prompt and enables firms to bind business at short notice.

Callidus Consulting currently provides sanction and name screening services to regulated firms in the DIFC through its affiliate in India, Callidus Compliance Solutions Private Limited.

Other than screening of entities and individuals against OFAC, HM Treasury and UN Sanctions lists, Callidus India also provides screening of entities or individuals that are linked to serious crimes, PEP and money laundering activities.

In order to tailor to your screening needs, below is the scope of service:-

  • Single Name Screening – Screening on the Entity (including directors and shareholders) against sanction list, PEP, serious crimes and money laundering activities
  • Storage of Screening Results – Storage of screening results
  • Monthly Report – Provide a report on the entities screened and results of screening

Compliance Audits

If you have an in-house Compliance/MLR Officer and wish to get a health check done, Callidus can undertake a Compliance Audit and issue a report. The terms of reference can be agreed on at the very outset and we are happy to have an onsite or offsite review undertaken.