RM-5.1.6
The claims policy must be at a level of detail appropriate to the nature, magnitude and source of its business and must include (but is not limited to) a description of the following elements:
(a) Reporting (e.g. evidence required, appointment of loss adjusters );
(b) Scrutiny;
(c) Authority levels;
(d) Valuation;
(e) Monitoring claims settlement, payments, reinsurance recoveries and subrogation; and
(f) Provisioning of claims, including the bases and assumptions followed, authority levels, record-keeping and review.
Amended: January 2007