Regulatory Alerts2022-08-11
Corporate Governance Code of Practice for Regulated Insurance Entities
The Isle of Man Financial Services Authority issued this Code of Practice to establish mandatory corporate governance standards for regulated insurance entities under the Insurance Act 2008. The document requires entities to implement effective governance systems, including specific board composition rules, clear separation of chairman and chief executive roles, and robust risk management frameworks. It further mandates annual directors' certificates, strict compliance with legal obligations, and the maintenance of adequate internal controls and business continuity arrangements.
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