PINS 2.2.2 Approval by governing body

(1) In giving its approval to an insurer's risk management strategy, or to changes to or deviation from the strategy, the governing body of the insurer must be satisfied that:
(a) the strategy and any changes to it mitigate and control the risks included in the insurer's risk management policy; and
(b) the risk management policy is appropriate and gives reasonable assurance that all material risks facing the insurer are prudently and soundly managed having regard to the nature, scale and complexity of the insurer's business.
Note For the risks that must be included in an insurer’s risk management policy, see rule 2.3.1.
(2) An insurer must give to the Regulatory Authority a copy of its risk management strategy, and any subsequently amended version of that strategy, within 10 business days after its approval.
Inserted by QFCRA RM/2013-1 (as from 1st January 2015).
Amended by QFCRA RM/2021-1 (as from 1st July 2021)