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Non-Solvency II Firms – Governance Internal Control

Application provision

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

8.1

07/03/2016

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

8.2

07/03/2016

  1. (1) A firm must have in place an effective internal control system.
  2. (2) That system must include administrative and accounting procedures, an internal control framework, appropriate reporting arrangements at all levels of the firm and a compliance function.

8.3

07/03/2016

The compliance function referred to in 8.2(2) must include:

  1. (1) advising the governing body on compliance with applicable rules; and
  2. (2) an assessment of the possible impact of any changes in the legal environment on the operations of the firm concerned and the identification and assessment of compliance risk.

8.4

07/03/2016

A firm must have internal processes and procedures in place to ensure the appropriateness, completeness and accuracy of the data used in the calculation of its technical provisions.