Important Measures
Amendments of the Regulations Governing Implementation of Internal Control and Auditing System of Insurance Enterprises
2017-12-27
On Oct 19, 2017, the FSC introduced amendments to the Regulations Governing Implementation of Internal Control and Auditing System of Insurance Enterprises, which require insurance companies to attach more importance to legal compliance and anti-money laundering and countering terrorism financing mechanisms, set stricter requirements for qualifications, professional training and roles of legal compliance staff and officers, and enhance the reporting mechanism of insurance companies. According to the amendments, insurance companies are required to incorporate the material contingency handling mechanism and legal compliance management of anti-money laundering and countering terrorism financing into their internal control operation. Moreover, the scope of special audits of the internal control systems of insurance companies by an entrusted CPA shall include foreign subsidiaries and cover implementation of internal systems, such as the anti-money laundering mechanism.
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- Update： 2017-12-27
