Regulatory Alerts2019-11-11
Corporate Governance Code of Practice for Designated Insurers
The Isle of Man Financial Services Authority issued this binding guidance under the Insurance Act 2008 to establish corporate governance standards for designated insurers. The code requires insurance groups to implement a comprehensive governance framework that ensures effective oversight, clear accountability, and a strong risk management and compliance culture. Additionally, designated insurers must maintain an enterprise risk management system and ORSA process at the group level, while reporting results to the Authority unless exempted.
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