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  • IM-3.3 IM-3.3 Risk Management

    • IM-3.3.1

      Principle 10 (IM-2.2.3) requires firms to have systems and controls that are adequate for their business. Consequently, the Risk Management Module of the CBB Rulebook contains Rules and Guidance on how, specifically, insurance licensees should monitor and manage risk. This Module applies in full to insurance brokers, except for the Sections dealing with market risk (RM-4.1) and insurance technical risk (RM-5.1). This Module does not apply to insurance consultants and insurance managers.

      Rulebook Reference PB-1.10 and
      RM-B.1.1
      RM-B.1.6
      Amended: January 2007
      Amended: October 2007

    • IM-3.3.2

      The Module contains both:

      •  General requirements (on the overall management of risk); and
      •  Specific requirements on the management of specific risk classes.
      Rulebook Reference RM-1
      RM-2 to RM-8
      Amended: January 2007

    • IM-3.3.3

      While the business of insurance managers is not subject to this Module, clients of insurance managers that are insurance firms, such as captive insurers, are subject to the requirements of this Module. The insurance manager, in fulfilling its obligations to its clients, therefore needs to manage the affairs of its clients in accordance with the requirements of the Rulebook, including this Module.

      Rulebook Reference RM-B.1.7
      Amended: January 2007