Insurers are required to have in place an effective system of
governance that provides for sound and prudent management
of the business. The “system of governance” should cover:
• Organisational structure:
• segregation of responsibilities, transmission of information, continuity
and contingency plans, fit and proper requirements
• Risk management
• Own risk and solvency assessment
• Internal control
• Internal audit
• Actuarial function
• Outsourcing