Regulatory Alerts2018-12-11 | CD-SIBOIF-1089-2-DIC11-2018Norm on Internal Control and Internal Audit of Insurance, Reinsurance, and Surety Companies, and Branches of Foreign Insurance Companies
The Superintendence of Banks and Other Financial Institutions (SIBOIF) issued Resolution No. CD-SIBOIF-1089-2-DIC11-2018 to establish mandatory internal control and audit standards for insurance, reinsurance, and surety entities in Nicaragua. The regulation mandates that these institutions maintain an independent Internal Audit Unit (UAI) and a Board of Directors committee to ensure operational efficiency, risk management, and regulatory compliance. It defines strict qualifications for internal auditors, outlines their specific responsibilities, and requires the implementation of an annual work plan aligned with international auditing standards.
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