Regulatory Alerts2016-04-28
Regulation on Internal Controls and Internal Audit of Insurers
The Central Bank of the Republic of Kosovo mandates all licensed insurers to establish robust internal control systems and independent audit functions to ensure operational efficiency, reliable financial reporting, and regulatory compliance. The regulation assigns specific oversight responsibilities to the Board of Directors and senior management while requiring continuous risk assessment, clearly defined control activities, and secure information systems. It further standardizes internal audit charters, mandates annual performance reporting to the Audit Committee and Board, and establishes administrative penalties for violations, officially superseding prior internal control rules.
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