Regulatory Alerts2023-09-17
Added · Updated
Insurance Governance Instructions No. (1) of 2022 and Amendments
The Central Bank of Iraq issues Insurance Governance Instructions No. (1) of 2022, as amended, to regulate the corporate governance of insurance companies. The regulations mandate the establishment of a governance manual, define eligibility criteria and independence requirements for board members, and establish mandatory committees including an Audit Committee and a Governance and Compliance Committee. The document further outlines specific duties for the Board of Directors, the General Manager, and key employees regarding risk management, internal control, and conflict of interest.
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