Compliance program for insurance companies

The Compliance Program for Insurance Companies is designed to equip participants with the requisite knowledge of the regulatory framework and legislation governing insurance companies, including the application of fit and proper criteria for senior management appointments. The program further highlights rules concerning technical provisions and methods of their calculation, governance principles, and the fundamentals of Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT), including identification of associated risks. 

Principal Objectives of the Compliance Program for Insurance Companies

• To identify and understand the principal legislation regulating the insurance sector.
• To understand the legislation governing the obligations of insurance companies.
• To identify key records that must be maintained.
• To understand the corporate governance requirements applicable to insurance companies.
• To recognize the primary legislation concerning market conduct practices, including issuance, claim settlements, and sanctions.
• To understand the core principles of AML/CFT.
• To comprehend the regulatory provisions governing reinsurance.

Target Audience

• Compliance Officer.
• Compensation Officer.
• Underwriting Officer.
• Customer Service.
• Technical Departments.
• Brokers.

Key Modules of the Training Program

Part One

• Legal and regulatory frameworks governing the establishment and licensing of insurance companies and the fit and proper criteria for senior executive appointments.
• Legislation governing market conduct.

Part Two

• Corporate governance requirements applicable to insurance companies.
• Requirements of the reinsurance process.
• Principles of anti-money laundering and counter-terrorist financing.

 Part Three

• Legislation governing the obligations of insurance companies (including technical provisions and calculation methodologies) and the assets required to meet those obligations.
  

• Legislation governing the records that insurance companies must maintain, including the accounts to be prepared and submitted to supervisory authorities, the role of the external auditor, and the periodicity of audit reports.
• Legislation governing supervisory examinations by regulatory authorities, including different examination approaches (compliance-based examination and risk-based supervision).
• Sanctions applicable to insurance companies for non-compliance with laws and regulations.

Total Training Hours

18 training hours