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Article (5)

IA-BOD-RES 18/2020 Effective from 27/4/2020

The Executive Management shall commit to the following: -

  1. Ensure that online insurance products and services are in line with the strategy adopted by the Board of Directors in this respect.
  2. Ensure that the level of risks arising from electronic insurance remains within the acceptable risk level stated in the risk strategy adopted by the Board of Directors or the Managers Committee, as the case may be.
  3. Take the necessary actions to implement the internal supervisory controls to minimize the risk of exploitation from inside and outside the Company.
  4. Ensure the availability of adequate expertise and resources for the business and sustain the electronic insurance system.
  5. Develop a written policy adopted by the Board of Directors that establishes a clear separation between the executive and the supervision powers of the electronic insurance and related risk management strategies, so as to determine persons and their powers to access and view the stored files and possibility to make changes to the data contained therein, as well as saving the logs that reflect any access and change to the data of those systems.
  6. Develop a policy for advertising and use of price comparison services, obtaining data, sharing data with InsureTech companies, electronic channels developers, manufacturers and suppliers.