Regulatory Alerts2006-07-10
Added
Circular No. ID 17/06: Internal Audit/Compliance Function and Head Office Oversight
The Monetary Authority of Singapore issued Circular No. ID 17/06 to require all direct insurers and reinsurers to submit annual internal audit and compliance work plans starting with 2006. Regulated entities must also notify the Authority of any subsequent changes to these plans and provide selected reports upon request. Additionally, insurers are required to inform the Authority of any visits or audits conducted by their Head Office or Parent Company to facilitate supervisory oversight.
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