The Commission has issued its report on the thematic review of cash management and control of funds by licensed insurers. The review was undertaken during the latter part of 2019.
A copy of the thematic review can be found by clicking here.
Broadly, the thematic review uncovered a number of areas of good practice, for example in maintaining appropriate signatory lists and having adequate policies and procedures in place for the signing and approval of payments. However, there were some instances identified where more attention needs to be paid to policies and procedures.