HC-3.4.2 [versions up to January 2011]

Depending on the nature, scale and complexity of its business, an insurance licensee should consider having a separate compliance function. A compliance function should:

(a) Document its organisation and responsibilities;
(b) Be appropriately staffed with competent individuals;
(c) Have unrestricted access to the licensee's relevant records; and
(d) Have ultimate recourse to the Board.
Amended: January 2007