Regulatory Alerts2023-04-05
Added · Updated
Insurance Governance Standard INS.S.2.19 Industry Comment Breakdown
NAMFISA has finalized amendments to the Chapter 2 Insurance Governance Standard (INS.S.2.19) following industry feedback, significantly revising board composition and director independence requirements. The updated rules extend non-executive director tenure to a maximum of nine years with a three-year cooling-off period, redefine independent directors by aligning with GEN standards, and mandate a six-year auditor service term followed by a three-year cooling-off period. Additionally, the regulator clarified holding company subsidiary relationships, removed restrictive foreign director provisions, and aligned board committee mandates with the FIMA Act and NAMCODE to reduce compliance costs while maintaining oversight.
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