New Risk Management Regulations for Insurance Companies
In the beginning of June 2016, the Office of Insurance Commission ( OIC) released a draft in regards to both non- life and life insurance companies. The release presented requirements for internal risk management in insurance companies. Due to these new provisions, life and non- life insurance companies must do the following: establish a risk committee, establish a risk management function, appoint a risk officer, submit a risk management framework and policy, submit a three- year business plan and arrange training sessions for employees. It also noted impor- tant roles and responsibilities of audit committees and internal audit units. The draft is currently in the process of public hearing and will be implemented at the end of 2016.
For more information contact Tilleke & Gibbins at athistha. c@ tilleke. com.