Newsletter
DEADLINE FOR IMPLEMENTA-TION OF INTERNAL CONTROL AND AUDITING SYSTEMS
The Department of Insurance, MOF recently stated that insurance companies have until 20 December 2002 to complete their adjustment or establishment of internal control and audit sys-tems in accordance with the Regulations Gov-erning Implementation of Internal Control and Audit Systems by Insurance Enterprises. Oth-erwise, after that date it will be "rather difficult" if they wish to set up additional branches or ap-ply to launch new products.
Under Article 33 of the regulations, with MOF approval foreign insurance companies and in-surance cooperatives may be exempted from the application of the regulations for the time being, based on the scope and scale of their operations and in consideration of their actual situation, if they apply by 20 June 2002 stating the specific facts, the reasons for exemption, and the content of the systems they propose to adopt.