Regulatory Alerts2024-09-15
Added · Updated
Instructions on the Conditions to be Met by the External Auditor for Insurance Companies No. 15 of 2024
These instructions, effective September 15, 2024, mandate that insurance companies establish an audit service policy, detailing criteria for selecting external audit firms and engagement partners, and ensuring their independence. Key provisions include a maximum 7-year term for audit firms, extendable by three years, and a 4-year term for engagement partners, both with mandatory rotation periods. Audit firms must possess specific expertise, including a licensed actuary and IT auditors, while engagement partners require at least 10 years of practical experience, with 5 years in insurance auditing. The instructions also specify additional services external auditors may provide and repeal previous instructions No. 5 of 2022 and its amendments.
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