Regulatory Alerts2022-12-30
Risk Management and Internal Controls Regulation for Insurance Companies
The Central Bank of the UAE issued this regulation to establish minimum requirements for insurance companies' risk management and internal control frameworks, aiming to ensure company safety and contribute to national financial stability. The document mandates comprehensive governance structures, including independent control functions such as risk management, compliance, actuarial, and internal audit, while applying a principle of proportionality for enforcement. It defines key terms and scopes of application, requiring adherence to international standards and specific operational protocols like ORSA, stress testing, and outsourcing management.
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