Regulatory Alerts2023-04-05
Added · Updated
Breakdown of Industry Comments on Chapter 2 Insurance
NAMFISA has amended the Insurance Governance Standard (INS.S.2.19) to redefine director independence, extend non-executive tenure to nine years with a three-year cooling-off period, and clarify auditor rotation requirements. The revised framework aligns conflict of interest definitions with general standards, removes restrictive holding company director limitations, and mandates a minimum board size of five directors with one-third designated as independent. Registered insurers and reinsurers must now implement continuous board assessments to verify independence, while retaining regulatory oversight through the Public Accountants and Auditors Board for audit partner rotations.
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