PINS 2.2.3 Intentional deviation not permitted

(1) An insurer must not intentionally deviate in a material way from its risk management strategy unless:
(a) the deviation has been approved by its governing body; and
(b) the insurer has given notice of the proposed deviation to the Regulatory Authority.
(2) An insurer must notify the Regulatory Authority of any material deviation at least 10 business days before the deviation.
(3) If necessary, an insurer must amend its risk management strategy after its governing body approves a material change to, or deviation from, the strategy.

Note CTRL, rule 7.1.7 (4) requires an insurer to keep its risk management strategy up to date and to review it at least annually.
Inserted by QFCRA RM/2013-1 (as from 1st January 2015).
Amended by QFCRA RM/2021-1 (as from 1st July 2021)