Regulatory Alerts2023-12-14
Added · Updated
Insurance and Reinsurance Business Fraud Monitoring Directives No. SIB/39/2014
Insurers and reinsurers must establish board-approved fraud monitoring policies, maintain a detailed fraud register, and provide anti-fraud training to employees and directors. These entities are required to report any actual or attempted fraud to the National Bank within 15 working days of detection and submit quarterly progress reports on outstanding cases within 30 days after the end of each quarter. The directives mandate internal auditors to assess fraud cases at least once per quarter and report findings to the board of directors. These requirements enter into force on January 1, 2015.
More like this from NBE
We email you every new NBE publication the day it's published.
Topics
Share