FSC: Submissions under the Insurance (Risk Management) Rules 2016
Article Published on January 11, 2021
The Financial Services Commission (FSC) has released a circular letter on 29 December 2020 to inform Insurers licensed under Section 11 of the Insurance Act 2005 of the submission of their documentation and reports in relation to their Risk Management Framework (together referred as “RMF Returns" hereafter).
Concerned parties are requested to submit the following documents on the Online Data Capture System (ODCS):
• a scanned copy of the documentation relating to the risk management framework;
• a scanned copy of the reports from auditor and actuary; and
• a submission form duly signed and dated by the Risk Officer/Responsible Officer which can be downloaded from the FSC’s website and annexed as the first page of the scanned documents in the above paragraph
As per the Financial Services (Administrative Penalties) Rules 2013, any late submissions filed through the ODCS will be subject to administrative penalties.
Additional information on the submission procedures for the RMF Returns can be accessed at the following link:
FSC Circular letter – Submission under the Insurance (Risk Management) Rules 2016: Here
