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  • Role of Board and Senior Management

    • IA-1.1.1

      The Board of Directors must establish adequate internal controls and maintain effective oversight and governance of the insurance aggregator process and the client interface including establishing sound policies, procedures, systems, methodologies and controls. Such policies must be comprehensive and cover the following:

      (a) Controls over technology solutions;
      (b) Platform operations and performance;
      (c) Tools and measures to prevent frauds and errors;
      (d) Risk management controls;
      (e) Prevention of anti-money laundering (AML) and combating terrorist financing (CTF);
      (f) Record keeping and audit trails;
      (g) Safeguarding client moneys; and
      (h) Financial controls.
      October 2019

    • IA-1.1.2

      The Board of Directors must take responsibility for the establishment and oversight of effective risk management and internal controls.

      October 2019

    • IA-1.1.3

      Consistent with Module PB: Principles of Business, Paragraph, PB-1.1.1, the Board of the insurance aggregator must establish adequate internal controls to safeguard the business, its customers and licensees to which they have online access to.

      October 2019