One of the notable regulations is the regulation on risk management policies and internal regulations.
According to the Circular, insurers, reinsurers, and foreign branches shall develop policies on risk management and internal regulations on risk management as follows:
- Policies on risk management of insurers, reinsurers, and foreign branches shall satisfy regulations of the law.
- Internal regulations on risk management shall include:
+ Functions, tasks, decentralization mechanisms, decision competence, and responsibilities of individuals and departments in risk management activities of insurers, reinsurers, and foreign branches;
+ Procedures for identifying, measuring, monitoring, and supervising risks related to major risks; reports on information sharing and feedback on changes to risks and risk handling;
+ Risk limits specific to each type of risk, related risks, and the correlation between such risks.
+ Measures to control risks generated from business operations and control of individuals and departments participating in such operations
+ Preventive plans for emergencies to ensure the continuity of business operations of insurers, reinsurers, and foreign branches.
+ Internal reporting regulations on risk management.
See more details in Circular No. 70/2022/TT-BTC which comes into force as of January 1, 2023.
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