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2.1. Systems for risk management and internal controls
FINANCIAL SERVICES LEGISLATION
RULES
INSURANCE AND REINSURANCE PRUDENTIAL RULES
SCHEDULE 2 Categories of Long-Term Insurance
SCHEDULE 6. Prudential returns by Insurers
WORKING SCHEDULE 1 - List of Defined Terms for PINS and associated rulebooks
Entire Act

2.1. Systems for risk management and internal controls

2.1.1. Risk management function

An Insurer must establish and maintain an effective risk management function capable of assisting the Insurer to identify, assess, monitor, mitigate and report on its key risks in a timely way; and to promote and sustain a sound risk culture. Guidance: additional requirements in GEN An Insurer is also subject to obligations in respect of operational risk, legal risk and fraud risk pursuant to GEN 5.8 (Management of risks).

2.1.2. Actuarial function

An Insurer must establish and maintain an effective actuarial function capable of evaluating and providing advice regarding, at a minimum, technical provisions, premium and pricing activities, capital adequacy, reinsurance and compliance with related statutory and regulatory requirements.