Regulatory Alerts2016-01-01
Insurance (Risk Management) Rules 2016
The Financial Services Commission mandates insurers to establish and maintain a comprehensive Risk Management Framework that integrates risk appetite statements, management strategies, business plans, own risk and solvency assessments, and dedicated risk functions. The rules require board oversight, annual compliance reviews by auditors and actuaries, and timely reporting of corporate events and updated frameworks to the Commission. Additionally, insurers must manage group-linked risks, ensure liquidity segregation, control outsourcing arrangements, and maintain accurate risk registers to safeguard capital targets and operational resilience.
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