Regulatory Alerts2021-01-01
Corporate Governance Code of Practice for Insurers 2021
The Isle of Man Financial Services Authority issued the Corporate Governance Code of Practice for Insurers 2021 to establish binding governance requirements for authorized insurers and permit holders. The code mandates that boards and senior management implement adequate, proportionate measures covering board composition, risk management, internal controls, and the fair treatment of policyholders. It replaces the 2018 code and requires insurers to submit a Directors’ Certificate on Corporate Governance alongside their audited accounts to demonstrate compliance.
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