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  • Meaning of the term 'significant'

    • BR-2.2.9

      For the purposes of this Chapter, in determining whether a matter is significant, an insurance licensee should have regard to:

      (a) The size of any monetary loss or potential monetary loss to itself or its customers (either in terms of a single incident or group of similar or related incidents);
      (b) The risk of reputational loss to the insurance licensee; and
      (c) Whether the incident or a pattern of incidents reflects weaknesses in the insurance licensee's internal controls.
      Amended: January 2007
      Amended: October 2007

    • BR-2.2.10

      In addition, if the insurance licensee may have suffered significant financial losses as a result of the incident, or may suffer reputational loss, the CBB will wish to consider this and whether the incident suggests weaknesses in the insurance licensee's internal controls.

      Amended: January 2007