2.2. Controlled Functions
2.2.1. Designation of roles as Controlled Functions
The following functions are prescribed as Controlled Functions within the meaning of section 20 of the FSFR:
- (a) Insurance Risk Manager;
- (b) Insurance Internal Audit Manager; and
- (c) Approved Actuary.
2.2.2. Mandatory appointments
(1) An Insurer must make the following appointments and ensure that they are held by one or more Approved Individuals at all times:
- (a) Insurance Risk Manager; and
- (b) Insurance Internal Audit Manager.
(2) An Insurer must also appoint an Approved Actuary and ensure that such role is held at all times by an Approved Individual if:
- (a) it conducts Long-Term Insurance Business; or
- (b) it conducts General Insurance Business and;
- (i) more than 15% of its gross outstanding liabilities are attributable to Contracts of Insurance for General Insurance Business in General Insurance Categories 1 (Accident) or 2 (Sickness); or
- (ii) more than 20% of its gross outstanding liabilities are attributable to Contracts of Insurance for General Insurance Business in General Insurance Categories 10 (Motor vehicle liability), 11 (Aircraft liability), 12 (Liability of ships), 13 (General liability), 14 (Credit) or 15 (Suretyship).
2.2.3. Insurance Risk Manager
The Insurance Risk Manager is an individual who has responsibility for the Insurer’s risk management function.
2.2.4. Insurance Internal Audit Manager
The Insurance Internal Audit Manager is an individual who has responsibility:
- (a) for the Insurer’s internal audit policies, procedures and controls; and
- (b) for taking appropriate steps to ensure the implementation of and compliance with those policies, procedures and controls.
2.2.5. Approved Actuary
(1) The Approved Actuary is an individual who has responsibility:
- (a) for the Insurer’s actuarial policies, procedures and controls; and
- (b) for taking appropriate steps to ensure the implementation of and compliance with those policies, procedures and controls.
(2) The Approved Actuary must not be an individual who: