Regulatory Alerts2020-01-01
Role of External Auditors in the Supervision of Licensed Insurance Companies
The Reserve Bank of Fiji issued Insurance Supervision Policy Statement No: 1 to define the minimum requirements and complementary role of external auditors in supervising licensed insurance companies. The document mandates auditor approval by the central bank, specifies detailed reporting obligations for annual financial statements and prudential compliance, and establishes protocols for trilateral and bilateral meetings between supervisors, auditors, and insurers. It further empowers the Reserve Bank to require additional targeted reviews and immediate disclosures of serious irregularities or solvency risks to ensure effective oversight of the insurance sector.
Share