PINS S8.2 Risk management policy — group risk

(1) If an insurer is a branch, or part of a group, the insurer's risk management policy for group risk should:
(a) include a summary of the group policy objectives and strategies;
(b) state whether the local risk management strategy is derived wholly or partly from the group-wide risk management strategy;

Note The governing body of an insurer must know the implications for the insurer of any group-wide risk management strategy (see CTRL, rule 7.1.7 (5)).
(c) summarise the linkages and significant differences between the local risk management strategy and the group-wide risk management strategy, including differences arising from local business and other conditions;
(d) outline the procedures and timing for monitoring by, or reporting to, the parent entity or head office;
(e) describe the approach to reviews of the procedures in paragraph (d);
(f) include, if applicable, a summary of the group policy objectives and strategies relating to reinsurance;
(g) summarise the linkages between local and group reinsurance; and
(h) detail any arrangements relating to the existence of, and accessibility to, intra-group reinsurance.
(2) If a part of an insurer's risk management policy is controlled by another entity in the group, or by the head office, the risk management policy must describe the arrangement and how it works.
(3) If the insurer is a branch or is part of an insurance group and the head office or ultimate holding company is outside the QFC, the risk management policy should include a summary of the supervisory arrangements regarding risk management in the jurisdiction where the head office or holding company is located.
Inserted by QFCRA RM/2013-1 (as from 1st January 2015).
Amended by QFCRA RM/2021-1 (as from 1st July 2021)