Policies and procedures for transactions with connected parties and employees; Information systems for credit exposures; Internal controls and risk management systems
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Industry Questions/Comments
[Sections 70 to 72 of the Insurance Act 2018 (Act)]
Please provide clear guidance on what is required for each set of policies and procedures listed hereunder, at minimum, in terms of content and approach to the various issues. This would help minimise the likelihood of them being inadequate. Furthermore, there should be some guidance on what the annual compliance reviews should cover at a minimum and who would be qualified to conduct same to ensure adequacy.
