Regulatory Alerts2018-07-26
Guidance Note on the Principal Control Officer
The Isle of Man Financial Services Authority issued this guidance under the Insurance Act 2008 to clarify the role of the Principal Control Officer for authorised insurers and intermediaries. The document defines the PCO function as covering key control roles such as risk management, internal audit, and compliance, noting that individuals performing these duties are de facto PCOs without requiring a specific appointment. Regulated entities must notify the Authority of these individuals via section 29 forms, ensuring awareness of those managing critical control functions regardless of other managerial titles.
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