Regulatory Alerts2023-09-06
Added · Updated
Amendment No. 9 of 2023 to the Governance Instructions for Insurance Companies
The Central Bank Board of Directors issued Amendment No. 9 of 2023 to the Governance Instructions for Insurance Companies, effective August 13, 2023. The amendment rephrases Article 11 to mandate specific organizational structure details, including the independence of internal audit and risk functions, and requires insurance companies to report any structural modifications to the Central Bank. It adds a new provision to Article 12 requiring recommendations for senior employee appointments or dismissals to be submitted to the Board of Directors when no specialized committee is linked to the employee. Additionally, Article 24 sets a deadline of the first general assembly meeting in 2024 for insurance companies to regularize their affairs.