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  • IA-3.3 IA-3.3 Training and Independent Assessments

    • Training

      • IA-3.3.1

        The Insurance aggregator must:

        a) Ensure that its staff are aware of and adhere to the standards expected of them by this Module;
        b) Ensure that staff is competent, suitable and have been given adequate training; and
        c) Ensure that there is a system in place to monitor the quality of services of its staff.
        October 2019

    • Independent assessments

      • IA-3.3.2

        Insurance aggregators must ensure that their overall control framework is evaluated and independently tested by an independent external consultant other than the external auditors:

        a) initially upon implementation of this Module and prior to launching of business;
        b) when there are any material changes to the systems and controls; and
        c) at least once every 3 years.
        October 2019

      • IA-3.3.3

        Insurance aggregators must ensure that report of the evaluation referred to in paragraph IA-3.3.2(b) is provided to the CBB within 2 weeks of completion of the report. The report required under IA-3.3.2(c) must be submitted within 3 months of the year-end in which the evaluation was conducted. In addition, the report required under IA-3.3.2 (a) should be submitted to the CBB for the CBB's review and no-objection prior to launching the business.

        October 2019