These Standards form part of the Risk Management and Internal Controls Regulation for Insurance Companies (Circular No. 25/2022 dated 30 December 2022). All Companies must comply with these Standards which expand on the Regulation. These Standards are mandatory and enforceable in the same manner as the Regulation.
2.
A Company’s Board is in ultimate control of the Company and therefore responsible for ensuring that a comprehensive approach to the systems of Risk Management and Internal Controls is implemented. There is no one-size-fits-all or single best solution. Accordingly, each Company could meet the minimum requirements of the Regulation and Standards in a different way and thus may adopt an organisational framework appropriate to the Risk Profile, nature, size and complexity of its business and structure. The onus is on the Board to demonstrate that it has implemented a comprehensive approach to systems of Risk Management and Internal Controls. Companies are encouraged to adopt leading practices that exceed the minimum requirements of the Regulation and Standards.
3.
The Standards follow the structure of the Regulation, with each article corresponding to the specific article in the Regulation.