Section 39: Internal control systems
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
39. Internal control systems
An insurer shall maintain adequate internal control systems, commensurate with the nature and volume of its activities and various types of risks to
which it is exposed, regarding—
(a) operations and internal procedures;
(b) the organisation of accounting and information processing
systems;
(c) risk and result measurement systems;
(d) documentation and information systems; and
(e) transactions monitoring systems.
PART V – AUDITORS, ACTUARIES, ACCOUNTS AND RETURNS
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Questions this section answers
- Must an insurer maintain internal controls over its operations and risk management?