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Application provision

9.1 This Chapter only applies to a large non-directive insurer and a Swiss general insurer.

9.1

07/03/2016

This Chapter only applies to a large non-directive insurer and a Swiss general insurer.

9.2

07/03/2016

(1) A firm must provide for an effective internal audit function.

(2) The internal audit function must:

(a) include an evaluation of the adequacy and effectiveness of the internal control system and other elements of the system of governance; and

(b) be objective and independent from the operational functions.

(3) A firm must ensure that any findings and recommendations of the internal audit function are reported to the firm’s governing body which must:

(a) determine what actions are to be taken with respect to each of the internal audit findings and recommendations; and

(b) ensure that those actions are carried out.