Regulatory Alerts2025-01-30
Regulation on Operational Risk Management of Insurers
The Central Bank of the Republic of Kosovo mandates that all licensed insurers establish a comprehensive operational risk management system to identify, assess, monitor, and mitigate risks arising from internal processes, personnel, systems, and external events. The regulation delineates specific governance responsibilities for the Board of Directors, senior management, and dedicated risk functions while requiring robust reporting mechanisms, including annual submissions and immediate notifications for material losses or operational disruptions. Insurers must achieve full compliance with these standards by April 30, 2025, subject to corrective measures and civil penalties for non-compliance.
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