Main
>
Legal Framework
>
2.3. Outsourcing
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

2.3. Outsourcing

2.3.1. Outsourcing of risk management function (PINS 2.1.1)

An Insurer may only outsource its risk management function to an Insurance Manager, subject to the rules relating to outsourcing in GEN 5.2 (Outsourcing).

2.3.2. Outsourcing of actuarial function (PINS 2.1.2)

An Insurer may only outsource its actuarial function to an Insurance Manager, subject to the rules relating to outsourcing in GEN 5.2 (Outsourcing).

2.3.3. Outsourcing of Controlled Functions (PINS 2.2 and GEN 2.2)

An Insurer may appoint an Employee of an Insurance Manager to perform the Controlled Function of Insurance Risk Manager, Insurance Internal Audit Manager, Approved Actuary, Finance Officer and/or Compliance Officer, provided that such Employee is an Approved Individual.