Regulatory Alerts2020-01-01
Minimum Requirements for Risk Management Frameworks of Licensed Insurers in Fiji
The Reserve Bank of Fiji issued Insurance Supervision Policy Statement No. 8 to mandate comprehensive risk management frameworks for all insurers licensed under the Insurance Act 1998. The policy requires insurers to establish documented risk management policies, strategies, and independent functions that address insurance, operational, credit, investment, and strategic risks. It further imposes strict governance obligations on Boards and Senior Management, including the submission of annual declarations, three-year strategic and capital plans, and adherence to specific reporting and monitoring standards.
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