Instructions for Group Asset Data re Cost Recovery-Insurance Sector IS
The purpose of these instructions and reporting form is to enable the Central Bank to capture the necessary information in a consistent format in order to calculate the appropriate supervisory fees for licensed financial institutions (LFIs) and registered insurance companies (RICs) that are also holding companies, and financial holding companies (FHCs) registered under the Financial Institutions Act, 2008 (FIA).
Guideline for the Measurement Monitoring and Control of Impaired Assets
This Guideline outlines the Central Bank's minimum requirements for the recognition, monitoring and measurement of impaired assets.
Fit and Proper
The purpose of this Guideline is to set out a framework which can be used by financial institutions in determining whether a person is fit and proper to hold a key position within the organization.
The purposes of this Guideline are to ensure that (a) the Board of Directors and Senior Management of these institutions are fully cognizant of the need to adopt sound principles and practices for the internal governance of the institutions they oversee, and (b) institutions are aware of the factors considered by the Central Bank in assessing corporate governance practices.
This Guideline seeks to promote greater fairness and transparency between policyholders and insurers. Strong market conduct ethics serve to reduce mistrust that may exist between clients and insurers, and enhanced mutual confidence improves market efficiency. Conversely, weak market conduct ethics are usually the major reason for the poor development of an insurance market.
Please find below links to Laws and Guidelines