Specialised Solutions for Insurance Companies’ Compliance Management

We offer a comprehensive set of risk and compliance solutions tailored to a variety of insurance companies' compliance obligations. We can help you comply with insurance regulations in a commercially oriented and goal-focused manner, providing a tailored approach to insurance companies' compliance management with regard to your specific circumstances, including:

• Your commercial objectives
• Your insurance solutions 
• Your business goals
• Your business size
• Your technology and human resources
• Your risk appetite
• Your governance structure
• Your client demographics
• Your countries of operation, their applicable laws, and relevant insurance companies' licensing requirements and regulations, including key aspects such as outsourced providers' monitoring, compliance training, risk management, audit, and assurance.
• Any related compliance obligations, including, but not limited to, insurance companies' obligations under privacy laws, anti-money laundering and counter-terrorist financing (AML/CFT) laws, fair trading laws, and more.
• Insurance companies' compliance assurance obligations, including internal control design and testing, implementation of compliance calendars, management plans, compliance assurance programs and other second and third-line compliance requirements.
• Specific operational compliance requirements for insurance providers, including but not limited to:
  • Client due diligence and onboarding
  • Surveillance and monitoring
  • Recordkeeping
  • Conflict of interest management
  • Regulatory technology (RegTech) integration
  • Internal reporting
  • External reporting
  • Transaction execution
  • Regulatory Filings

 

What Jurisdictions Do Our Compliance Solutions Cover?

Our compliance solutions extend across major financial markets and cover insurance companies' regulation and insurance companies' licensing requirements in the following jurisdictions:

• Australia: Where insurance companies should obtain an Australian Financial Services Licence (AFSL) from the Australian Securities and Investments Commission (ASIC) under the Corporations Act 2001.
• United States: Where insurance services are regulated both by state laws and federal regulation. Each State Insurance Department sets its own requirements, which are supported by resources from the National Association of Insurance Commissioners (NAIC).
• United Kingdom: Where the UK's Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) oversee insurance services, requiring adherence to the Financial Services and Markets Act 2000.
• Singapore: Where the Monetary Authority of Singapore (MAS) governs insurance companies under the Insurance Act, covering licensing and regulatory compliance.
• New Zealand: Where the Reserve Bank of New Zealand (RBNZ) regulates the insurance industry under the Insurance (Prudential Supervision) Act 2010.
• European Union: Insurance companies should comply with the Solvency II Directive, overseen by local regulators in member states.
• Low Tax Jurisdictions:

• Bermuda: Where the Bermuda Monetary Authority (BMA) regulates insurance companies under the Bermuda Insurance Act 1978.
• Cayman Islands: Where the Cayman Islands Monetary Authority (CIMA) oversees insurance companies under the Insurance Law 2010 and related regulations.
• British Virgin Islands (BVI): Where the British Virgin Islands Financial Services Commission (BVI FSC) regulates insurance companies under the Insurance Act and related regulations.
• Seychelles: Where the Financial Services Authority (FSA) regulates insurance companies under the Insurance Act 2008.
• Vanuatu: Where the Vanuatu Financial Services Commission (VFSC) oversees insurance companies under the Insurance Act.
• Luxembourg: Where the Commissariat aux Assurances (CAA) regulates insurance activities.
• Malta: Where the Malta Financial Services Authority (MFSA) is responsible for licensing and regulating insurance companies under the Insurance Business Act.
• Panama: Where the Superintendencia de Seguros y Reaseguros de Panamá regulates the insurance industry.
• Isle of Man: Where the Isle of Man Financial Services Authority (IOMFSA) regulates insurance companies under the Insurance Act 2008.
• Guernsey: Where the Guernsey Financial Services Commission (GFSC) regulates insurance companies under the Insurance Business (Bailiwick of Guernsey) Law, 2002.

• Other Jurisdictions

 

What Types of Insurance Companies Do We Support?

Our insurance provider compliance solutions cover the following types of financial institutions:

• Life Insurance Providers: Ensuring compliance for life insurance carriers, including regulatory requirements and consumer protection obligations.
• Health Insurance Providers: Supporting health insurers in meeting compliance standards for health insurance products and services.
• Property and Casualty Insurance Providers: Providing comprehensive compliance support for property and casualty insurance services.
• Reinsurance Companies: Assisting reinsurance companies in meeting regulatory requirements and compliance obligations.
• Specialty Insurance Providers: Tailoring compliance solutions to niche markets, including marine, aviation, and other specialty insurance sectors.
• Insurance Carriers: Offering compliance services for general insurance carriers, ensuring adherence to industry standards and regulations.
• Insurance Agents and Brokers: Supporting compliance for insurance agents and brokers, including licensing and regulatory compliance.
• Captive Insurance Providers: Offering compliance and regulatory support for captive insurance entities.
• Mutual Insurance Companies: Assisting mutual insurance companies in meeting unique compliance and regulatory obligations.
• Insurance Underwriters: Providing compliance solutions for underwriters to ensure they meet regulatory standards.

 

 

Insurance Companies Compliance Advisory

Our focus areas include:

• Detailed Compliance Advice: Covering insurance companies' compliance management issues across the first, second, and third lines, as well as matters related to effective compliance with financial markets regulations and insurance companies' licensing requirements.
• Banking Relationships Advice: On risk and compliance issues related to managing and expanding relationships with banks, liquidity providers, and other financial institutions to help you meet their risk appetite requirements, anti-money laundering and counter-terrorist financing requirements, fraud prevention and recall volume expectations, and other compliance-related and operational standards.
• Operational AML Advice: Advising support, onboarding, KYC, operating and other teams on the day-to-day onboarding and support queue management, effective AML/CFT resource allocations, and operational improvements, helping you maintain the overall customer experience and efficiency while remaining compliant with insurance companies' AML/CFT requirements.
• Operational Compliance Advice: Advising compliance, management, technology, and support teams on the day-to-day compliance with insurance regulations, focusing on internal processes and critical internal controls for effective insurance companies' compliance management.
• Risk Management Advice: Covering risk rating and methodologies, risk assessments, management, and mitigation for various risk types faced by insurance companies, including regulatory, ML/TF, fraud, data protection, and operational risks. We help you safeguard against potential compliance breaches and comply with risk management obligations under insurance companies' licensing requirements and other applicable laws and regulations.
• Compliance Framework Advice: To help you create or enhance your compliance management framework, identify gaps and areas of improvement, meet the insurance companies' compliance obligations effectively, improve internal governance and reporting, and optimise them for market expansion and growth.
• Insurance Companies' Licensing Advice: We can guide you through the licensing process, help you apply regulations to your specific circumstances and business environment, and meet insurance companies' licensing requirements to become licensed or maintain it.
• Peer Benchmarking and Best Practices: We can help you benchmark your compliance practices against peers and applicable regulatory compliance guidance, identify areas for improvement and adopt best practices for enhanced compliance.
• Government Agencies Liaison Advice: We provide strategic guidance to senior management and compliance teams on maintaining and managing relationships with external bodies, including regulators, AML/CTF supervisors and law enforcement agencies, focusing on long-term compliance strategies and proactive engagement.
• Specific Insurance Companies' Compliance Issues: We can help you resolve specific risk or compliance issues related to insurance regulations and compliance obligations, including but not limited to external audits and reviews, reporting, oversight, difficult clients or transactions, expansion challenges, compliance management issues, process optimisation, regulatory challenges you may encounter and more.
• Further information: You can visit our Regulatory Compliance Consulting Solutions page for a comprehensive list of advisory services we offer to insurance companies and other licensed financial institutions, financial services providers, and regulated businesses.

 

 

Reporting and Regulatory Liaison Solutions for Insurance Companies’ Compliance

• Regulator Liaison Management: Providing operational guidance to senior management and compliance teams on managing relationships with regulators, AML/CFT supervisors, police bodies, privacy commissioners, and other government entities. This includes handling requests for information, responding to ad-hoc regulatory inquiries, managing findings from audits and investigations, managing compliance with reporting obligations for insurance companies and more.
• Board and Committee Reporting: Facilitating structured reporting workflows for various committees and board delegates, including risk, compliance, and audit committees, focusing on your current compliance status, deviations from your risk appetite, changes in risk ratings and any operational compliance updates to ensure that governance structures are well-informed and aligned with compliance management practices.
• Compliance Performance Metrics: Developing and presenting comprehensive compliance performance metrics to the board or relevant committees, offering insights into your compliance effectiveness and identifying points for improvement in key compliance areas, including compliance training, fraud prevention, compliance monitoring, risk rating and assessment, controls effectiveness, adherence to your compliance calendar, regulatory technology (RegTech) performance, and more.
• Internal Audit Reporting: We can help you increase the effectiveness of the internal audit to make its findings reflect your actual performance against the insurance companies' compliance obligations. This includes developing tailored methodologies for the auditors, preparing the necessary audit evidence and reviewing audit results. The goal is to ensure that audit procedures and outcomes directly contribute to maintaining and enhancing your compliance status and internal controls' effectiveness.
• AML/CFT Reporting Compliance:  We help with the implementation of effective AML/CFT reporting processes, aligning with specific anti-money laundering regulations for internal oversight and prompt escalation of critical AML issues within your business to help the management receive a clear overview of your AML/CFT compliance status.
• Transactional Reporting: Implementing effective transactional reporting procedures to help with insurance companies' compliance management of reporting obligations under various laws and regulations, including submitting SAR, SMR, STR, PTR, TTR, specific reportable matters under the insurance companies' licensing requirements and other externally reportable transactions and activities.
• Internal Quality Assurance Reporting: While second-line control testing is crucial for complying with insurance regulations, including insurance companies' licensing requirements, first-line quality assurance results are equally important for effective risk and compliance management. We help organise effective reporting lines, tailor reporting content to your specific circumstances, products, and team size, and establish a structured approach to responding to reporting outcomes.

 

 

Comprehensive Compliance Management Solution for Insurance Companies

Our compliance management services include, but are not limited to, the following:

• Insurance Companies' Compliance Management Leadership: We act as your Compliance Leads and Compliance Managers, fully managing compliance obligations under the applicable insurance companies' licensing requirements, laws, regulations, industry codes, and regulatory guidance.
• Second-Line Compliance Management: We offer a full range of second-line compliance assurance solutions, including internal controls testing for operational, compliance, marketing, legal and other risks, as well as managing issue closure control testing and more.
• Supporting the Board in Strategic Compliance Management: Advising on the necessary compliance resourcing, budget, tools, role structuring, and compliance functions' structure to support your specific business objectives within your risk appetite and risk management framework.
• Compliance Project Management: Effectively coordinating between senior management, committees, legal advisers, risk and compliance functions, outsourced providers, and different departments, including product development, technology, customer support, operations, assurance, marketing, and others, to help you successfully implement compliance projects across the business.
• Customised Governance Solutions: Tailoring governance frameworks and mechanisms to fit your specific governance structure and effectively comply with insurance regulations and other applicable obligations. Whether your business is locally oriented, a start-up, undergoing expansion, part of a multinational group, has a listed parent company or is undergoing restructuring, we tailor the oversight of insurance companies' compliance management to your business case.
• Stakeholder Management and Reporting: Reporting to the board, committees, shareholders, regulators and other stakeholders. Providing management and the board with comprehensive compliance reports that cover your compliance with insurance companies' compliance obligations, regulatory development summary, compliance-related data and statistics, internal controls testing outcomes and more. Also covering the status of your specific compliance-related projects and compliance goals, relevant compliance KPIs, and more.
• Compliance Calendar Implementation: We design and implement compliance management programs and calendars, covering such areas of insurance companies' compliance obligations as policy and key document reviews, control testing, risk assessment and reviews, vendor reviewers, user system access reviews, assurance activities and more.
• Managing Customer Onboarding and Due Diligence: Implementing commercially oriented and compliant processes for KYC information collecting, Know Your Business (KYB), ML/TF risk assessment, Pep and Sanctions screening, CDD and EDD, especially for higher ML/TF risk clients, to help you comply with AML/CFT compliance obligations for insurance companies.
• AML Transaction Monitoring and Reporting: Developing and implementing a set of business-specific ML/TF alerts and red flags to detect and report suspicious transactions to comply with the insurance companies' AML requirements without making AML/CFT compliance a hindrance to business.
• Information Requests and AML/KYC Data Sharing: Handling information requests from law enforcement agencies, AML/CTF supervisors, and other relevant AML/CTF designated entities, such as your banking partners and other essential service providers (liquidity providers, finance providers, etc.), ensuring that you are fully supported in all AML/CTF compliance-related communications.
• Business Expansion Support: Providing support for your business expansion objectives, recognising and assessing new risks, developing and implementing controls and mitigations for them, as well as addressing new compliance obligations and putting in place practical tools and systems to manage them.
• Insurance Companies' Operational Compliance: Including but not limited to:
  • On-the-Ground Compliance: Conducting compliance management meetings, organising routine and ad hoc compliance reporting, overseeing mitigations and controls testing, leading adjustments and enhancements to your internal controls and protocols when required.
  • Compliance Process and Operations Building: Developing effective and compliant procedures and processes to implement your policies, support your operations across different teams and mitigate operational, regulatory and other risks.
  • Outsourced Provider Performance Monitoring: Setting up initial due diligence and ongoing review frameworks for your outsourced providers to help you meet the required service standards for outsourcing under various insurance companies' compliance obligations, including insurance companies' licensing requirements.
  • Incident Management and Reporting: We can help you set up effective processes for incident reporting, escalations, and management at different levels of your business.

 

Insurance Companies’ Compliance Assurance 

Our services include:

• Compliance Assurance Programs:  We can design and implement your compliance assurance program to maintain enhanced oversight of your compliance with both insurance regulations and your internal compliance and risk appetite thresholds.
• Organisation-Wide Risk Assessments: Helping you focus on the specific risks faced by your business, considering its size, products, client types, jurisdictions of operation, delivery channels, financial institutions you interact with, available technology, and other tools. This includes assessing available mitigations, controls, their effectiveness, residual risk ratings, and the plan to move forward.
• Internal Controls Design: We can develop internal controls for various risk types, including regulatory, fraud, operational, strategic, financial, and other risks. Please visit our Internal Controls Design page for more information. 
• Assurance Testing: We conduct assurance testing to verify that the business complies with its policies, procedures, and insurance companies' compliance obligations, including insurance companies' licensing requirements. We also assess whether your internal controls effectively mitigate existing risks, including those required to be monitored under the applicable insurance regulations. This process includes a compliance controls testing report and, if necessary, a gap analysis.
• Compliance Quality Assurance: We go beyond merely meeting regulatory requirements. We focus on evaluating and enhancing your risk and compliance management processes to ensure they align with your current and future goals, business model, your risk analysis, your current client inflow, and more. We also suggest which compliance processes you can use to meet your goals. Here is an example of this service in the AML/CFT area.
• Assurance Reporting: Compiling testing findings and issuing comprehensive compliance assurance reports, which include:

• Identification of any deficiencies or control weaknesses, with clear explanations and potential root cause analysis.
• Recommendations for corrective actions to address identified issues and enhance compliance effectiveness.
• Evaluation of the overall effectiveness of your internal controls and regulatory compliance monitoring program against your desired assurance level.

• Regulatory Inspection Readiness: We can help your business prepare for external audits and regulatory inspections, reducing the risk of adverse findings related to insurance companies' compliance obligations. This includes conducting mock inspections to identify gaps, reviewing documentation and record-keeping practices to ensure all relevant materials are well-organised and readily accessible, and training staff on their roles in the inspection process. We assist in identifying any missing information and weak points, provide interview preparation, and more to ensure readiness for auditor or regulator review.
• Further information: You can visit our Compliance Assurance Solutions page for more information on our third-line compliance assurance review solutions.

 

Compliance Remediation Solutions

Our focus areas include:

• Compliance Remediation Advice: Assisting insurance companies in effectively addressing and rectifying compliance issues, from minor breaches to significant regulatory challenges, including warnings and action plans.
• Remediation Plan Development: Following the independent review, we assist in analysing the findings to identify necessary remedial actions. We then support insurance companies in devising a detailed plan outlining these actions for submission to your regulator or an AML/CFT supervisor, ensuring the plan is both actionable and compliant with regulatory expectations.
• Remediation Plan Commitment: We help insurance companies complete their remediation plans and prevent non-compliance recurrence.
• Executive Attestation Support: Our services include assisting senior executives in preparing the required attestations to your regulator. This involves confirming that all necessary remedial actions have been undertaken and adequate compliance measures are in place, supported by comprehensive documentation and evidence. This option covers assistance with the removal of any licensing restrictions.
• Further Information: For more information, you can visit our Compliance Remediation Solutions page.

 

 

Internal Controls Testing and Insurance Companies’ Compliance Management

When it comes to reality versus a nice policy or procedure with nothing else to show for it, it’s often a case where a policy says A, but reality says B. One might ask, why didn’t we test our internal controls before? Or, why didn’t we do it properly? There’s nothing worse than faking compliance instead of actually doing it.

Our second line of compliance defence solutions covers the development, testing, and enhancement of a wide range of controls to ensure compliance with various laws and regulations governing insurance companies' compliance obligations.

We go beyond merely quoting insurance regulations or a selection of licensing requirements, then adding Excel sheets painted in different colours as a supposed source of truth with nothing to show for it.

• We test them.
• We link them to your risk appetite and core risk management documentation.
• We provide relevant suggestions and analysis tailored to your business.

Some of our focus areas for testing the insurance companies' compliance requirements include:

Regulatory Compliance and Licensing Controls

• Compliance Management Program: Insurance companies should have robust compliance management systems, including conflict of interest management and consumer protection measures.
• Liquidity Management: Licensed insurers should ensure adequate liquidity to meet financial obligations promptly.
• Risk Management Framework: Insurance companies should adhere to comprehensive risk management standards covering various risk types, ensuring robust risk frameworks are in place.
• Financial Auditing: Insurance service providers should engage qualified auditors to conduct regular financial audits to verify the accuracy of financial statements and ensure regulatory compliance.
• Regulated Counterparty Engagement: Insurance businesses should comply with restrictions on engaging in transactions with financial service providers that are not regulated or authorised by a competent authority.
• Cross-Border Application of Regulations: Insurance companies should comply with specific guidelines and rules regulating the cross-border application of national insurance companies' licensing requirements to overseas insurance companies offering services to their retail clients in their jurisdictions. Obtaining the necessary licences to operate in each jurisdiction is crucial for insurance companies. The specific licence requirements will vary depending on the jurisdiction and the type of insurance offered.
• Capital Adequacy Requirements: Insurance companies should maintain a certain level of tangible financial resources, including net assets or/and net tangible assets (NTA), to absorb potential losses, with rules about where and how exactly the NTA should be maintained.
• Maritime and Cargo Insurance Providers:

• Compliance with International Maritime Laws: Insurance companies providing maritime and cargo insurance should ensure adherence to international maritime laws and conventions.
• Cargo Insurance Regulations: Licensed insurers should comply with specific cargo insurance regulations, covering various aspects such as cargo safety, risk assessment, and claims processing.

 

Operational Oversight Controls

• Outsourcing Oversight: Insurance companies should maintain control and oversight over outsourced functions to ensure regulatory compliance and information security.
• Risk Management:  Insurance businesses should establish comprehensive risk frameworks and procedures to identify, assess, and manage operational and market risks.
• Governance Arrangements: Insurance companies should have effective governance structures in place to oversee operations and ensure responsible management and decision-making.
• Senior Management Accountability: Insurance businesses should assign specific responsibilities to senior managers to ensure accountability for conduct and competence.
• Operational Resilience: Insurance companies should ensure the resilience of critical business services, planning for continuity amidst disruptions.
• Technology Risk Management: Insurers should manage the risks associated with digital platforms and IT infrastructure to ensure data security and operational efficiency.
• Customer Experience and Engagement: Insurance service providers should enhance controls to monitor and improve customer experience, particularly at digital interaction points.
• Customer Interaction Oversight:  Insurance businesses should ensure clear communication, accessibility of services, and responsiveness to customer inquiries and claims.
• Maritime and Cargo Insurance Providers:

• Port and Vessel Risk Management: Insurance companies providing maritime insurance should implement specific controls for managing risks associated with ports and vessels, including safety inspections and compliance with maritime safety standards.
• Environmental Impact Assessment: Insurers involved in maritime insurance should evaluate and mitigate environmental risks related to maritime operations.

 

Market Integrity and Transparency Controls

• Market Conduct Standards: Insurance companies should ensure market conduct is fair, transparent, and free from abuse, including manipulation or insider trading.
• Fair Dealing Principles: Insurance providers should adhere to principles of fair treatment of clients, with clear communication and transparent dealings.
• Conduct and Disclosure Standards: Insurance companies should maintain high standards of conduct and ensure that disclosures to their clients are clear, accurate, and effective.
• Client Asset Protection:  Insurance businesses should protect client assets by segregating them from company funds, with clear rules on their use and handling.
• Dispute Resolution: Insurance companies should have proper mechanisms for dispute resolution and client compensation, especially for retail clients.
• Consumer Protection: Insurance service providers should adhere to consumer protection laws, ensuring that insurance products are safe and reliable.
• Insurance Products: Licensed insurers should ensure their insurance products are transparent and comply with applicable regulations.

 

Resource Management Controls

• Resource Adequacy: Insurance companies should maintain adequate financial, technological, and human resources for effective operations and compliance with regulatory obligations.
• Professional Competence: Insurance service providers should ensure that staff involved in underwriting, claims handling, and regulatory compliance possess the necessary competence, knowledge, and skills.
• Adviser and Representative Competence: Insurance companies should ensure that advisors and representatives providing financial services receive adequate training and demonstrate competence.
• Digital Transformation and Innovation:  Insurance businesses should establish controls around the implementation and management of digital platforms, insurtech innovations, and online distribution channels to manage risks and ensure compliance with regulatory and security standards.

 

Notifying Controls

• Regulatory Reporting: Insurance companies should submit regular reports to relevant regulatory authorities detailing financial status, trading activities, compliance status, and more.
• Record-Keeping: Insurance service providers should maintain accurate records of all business transactions and financial matters for transparency and accountability under a range of laws applicable to insurance companies, including AML/CFT (if applicable), tax, financial marketing laws, as well as insurance companies' licensing requirements.
• Climate Risk Reporting: Insurance companies, particularly those in regions prone to climate-related risks, should establish controls for reporting on exposure to climate risks and sustainability practices.

 

Product and Service Management Controls

• Product Suitability: Insurance companies should ensure that insurance products are appropriate for clients, considering their knowledge, experience, and financial situation.
• Product Lifecycle Oversight: Licensed insurers should have procedures in place for product lifecycle management, from design to distribution, ensuring client suitability and market integrity.
• Execution Quality:  Insurance businesses should take sufficient steps to ensure the best possible result for client orders, considering various execution factors.
• Data Protection and Privacy: Insurance companies should adhere to robust data protection standards, aligning with national data protection laws for financial institutions.
• Agile Product Development: Insurance service providers should implement controls that enable rapid development, testing, and deployment of new insurance products, ensuring compliance with regulatory boundaries while fostering innovation.
• Product Design and Approval: Insurance companies should follow a well-defined process for product design and approval to ensure fairness, meet customer needs, and comply with regulations.
• Product Pricing and Disclosure: Insurance providers should ensure that product pricing is fair and actuarially sound, with clear and accurate disclosure of policy terms, conditions, and exclusions.
• Marketing and Distribution: Insurance companies should ensure that the marketing and distribution of insurance products are conducted fairly and comply with advertising regulations.
• Policyholder Protection: Insurance businesses should comply with regulations designed to protect policyholders' rights and ensure fair treatment.
• Claims Handling: Insurance companies should have clear and fair procedures for handling insurance claims.
• Anti-Money Laundering (AML) and Know Your Customer (KYC): Insurance service providers subject to AML and KYC regulations should implement controls to prevent money laundering and terrorist financing.

 

Transactional Controls

• Authorisation and Verification Procedures: Insurance companies should verify the identity of policyholders and beneficiaries, especially for compliance with AML/KYC regulations.
• Conflict of Interest in Transactions:  Insurance businesses should manage conflicts of interest in policy underwriting and claims processes to maintain integrity.
• Enhanced Fraud Detection: Insurance companies should enhance fraud detection controls to protect against sophisticated insurance fraud schemes, particularly in digital channels.
• Cross-Border Transactional Integrity: Insurance providers should ensure the integrity of cross-border insurance transactions, including compliance with international sanctions, AML standards, and KYC regulations and for maritime and cargo insurance providers, compliance standards relevant to international trade and shipping.

 

Licensing Solutions For Insurance Providers

• Financial Licensing Application Support: We provide comprehensive support for a wide range of insurance licensing applications, including:

• Australian Financial Services Licence (AFSL) for Insurance Providers: We provide comprehensive support for AFSL applications, ensuring compliance with ASIC's Regulatory Guide and the Corporations Act 2001.
• State-Specific Licensing for Insurance Providers in the United States: Our team assists with navigating state-level licensing requirements, ensuring compliance with each state's insurance regulations and NAIC guidelines.
• FCA and PRA Authorisation for Insurance Providers in the United Kingdom: We offer detailed guidance on obtaining necessary authorisations from the FCA and PRA, adhering to the Financial Services and Markets Act 2000.
• Insurance Licence Application in Singapore: We support insurance companies in obtaining a licence from MAS under the Insurance Act, ensuring full regulatory compliance.
• Insurance Licensing in New Zealand: Leveraging our expertise to guide you through the RBNZ's licensing process under the Insurance (Prudential Supervision) Act 2010.
• Solvency II Compliance for Insurance Providers in the European Union: We advise on compliance with the Solvency II Directive, ensuring adherence to local regulatory requirements across EU member states.
• BMA Licensing in Bermuda: Our team provides comprehensive support for obtaining an insurance licence from the Bermuda Monetary Authority under the Bermuda Insurance Act 1978.
• CIMA Licensing in the Cayman Islands: We assist with the application process for obtaining a licence from CIMA under the Insurance Law 2010, ensuring compliance with all regulatory requirements.
• BVI FSC Licensing in the British Virgin Islands: Offering detailed assistance in obtaining an insurance licence from the British Virgin Islands Financial Services Commission under the Insurance Act.
• FSA Licensing in Seychelles: Providing support for obtaining an insurance licence from the Financial Services Authority under the Insurance Act 2008.
• VFSC Licensing in Vanuatu: Guiding insurance companies through the licensing process with the Vanuatu Financial Services Commission under the Insurance Act.
• CAA Authorisation in Luxembourg: Guiding insurance companies through the authorisation process with the Commissariat aux Assurances (CAA) in Luxembourg.
• MFSA Licensing in Malta: Offering detailed assistance in obtaining an insurance licence from the Malta Financial Services Authority under the Insurance Business Act.
• Insurance Licensing in Panama: Providing support for navigating the licensing process with the Superintendencia de Seguros y Reaseguros de Panamá.
• IOMFSA Licensing in the Isle of Man: Assisting with the licensing process from the Isle of Man Financial Services Authority under the Insurance Act 2008.
• GFSC Licensing in Guernsey: Providing support for obtaining an insurance licence from the Guernsey Financial Services Commission under the Insurance Business (Bailiwick of Guernsey) Law, 2002.

• International Governance Alignment: We provide strategic advice on aligning governance models for insurance companies operating across multiple jurisdictions to meet diverse regulatory expectations while maintaining operational efficiency and regulatory compliance.

 

Policies and Procedures for Insurance Companies’ Compliance Management 

• Compliance Policies and Core Documents: We develop, enhance, and implement a set of core policies, manuals, frameworks, and procedures for effective insurance companies' compliance management.
• Effective Procedures for Insurance Companies' Compliance Management: We draft and enhance a detailed set of procedures and protocols to meet the distinct needs of your business, focusing on efficient compliance, your business goals, and applicable insurance companies' compliance requirements.
• Examples: These policies and procedures include, but are not limited to:

 

Operational Compliance

• Compliance Management Frameworks
• Compliance Monitoring Programs
• Compliance Calendars and Checklists
• Complaints Handling and Dispute Resolution Policies
• Compliance Training Manuals and Programs, as part of our regulatory compliance training solutions
• Obligation Registers
• Margin Account Negative Balance Write-Off Procedures
• Incident Reporting Policies and Procedures
• Outsourcing Policies and Vendor Risk Management policies as part of our outsourced provider's compliance management solutions
• New Client Account Opening Policies and Procedures, as part of our customer onboarding solutions

 

Governance and Oversight

• Board Charters, Risk, Audit and Compliance Committee Charters, as part of our corporate governance solutions
• Codes of Conduct
• Delegations Registers
• HR Manuals and Policies
• ESG Compliance Policies
• Conflict of Interest Policies

 

Risk Management

• Risk Management Frameworks as part of our risk management solutions
• Risk Assessment Guidelines and Methodologies
• Internal Control Testing Methodologies
• Risk Registers and specialised risk registers like Health and Safety Risk Registers
• Cybersecurity Risk Management Policies
• Policy Issuance and Management Procedures
• Insurance Product Development and Approval Policies

 

Audit and Assurance

• Compliance Assurance Programs as part of our compliance assurance solutions
• Internal Audit Policies and Programs as part of our internal control testing solutions
• Regulatory Reporting Procedures

 

Client and Market Conduct

• Marketing and Advertising Policies
• Client Communication Policies

 

AML/CFT and Financial Crime Compliance

• AML/CFT Compliance Programs
• AML/CFT Risk Assessment
• Whistleblowing Policies
• Sanctions Compliance policies and procedures
• Fraud Prevention Protocols and Controls as part of our fraud prevention solutions
• ABC Policies

 

Privacy and Data Management

• Client Data Protection Policies
• Record-keeping Policies and Procedures and/or Data Governance Policies as part of our record-keeping compliance solution
• External Privacy Policies
• Internal Data Protection Compliance Programs

 

 

Compliance Training and Capacity Building

We focus on practical compliance and the application of training to real-world compliance scenarios and challenges that insurance companies generally face. Our services include:

• Customised Compliance Training Solutions:  Specialised compliance training sessions for various teams, including management, compliance, operations, sales, and customer relations, focusing on insurance regulations, applying insurance companies' compliance management practices to your circumstances, risk awareness, and more.
• Up-to-date Regulatory Compliance Updates:  Keeping compliance officers, managers, CROs, COOs, and other Risk and Compliance team members informed of changes in insurance companies' licensing requirements and regulations, AML/CFT updates, and changes in regulatory guidance.
• Data Analysis for Effective Compliance Monitoring: Covering training on compliance-related, data-based analysis and its results, including risk rating, internal control adjustments, resource and focus reallocation, and more.
• Workshops on Emerging AML Trends and Red Flags: Updating on the new AML trends, red flags, typologies, and AML/CFT requirements for insurance companies. For more information, please visit our AML/CFT Training Solutions page.
• Practical Workshops: Interactive workshops focused on effective and goal-oriented insurance companies' compliance, capacity planning, and resource allocation, covering:

• Insurance regulations
• Internal and external compliance reporting
• Effective governance over risk and compliance functions
• Organisation-wide risk assessment, risk rating methodologies and the development, management, and testing of corresponding internal controls, including controls testing methodologies and practical techniques.
• Insurance companies' compliance reality, including outsourced provider monitoring, UAV management, incident management, product suitability assessments, advertising and marketing compliance, improvements in the client onboarding journey, transaction monitoring processes, and more.

• Further information: You can visit our Compliance Training Solutions page for more information on the compliance training services we offer to licensed financial institutions and financial service providers.

 

Life Insurance Providers and AML/CTF Compliance

We offer a complete set of solutions covering insurance companies' anti-money laundering (AML), financial crime and counter-terrorism financing (CTF) compliance. Our solutions include:

• Customer due diligence, screening, and customer onboarding solutions
• Development of transaction monitoring frameworks tailored to insurance companies' specific ML/TF red flags and your business specifications
• AML advisory covering insurance companies' compliance issues and challenges
• Drafting, testing, and updating AML policies and procedures
• AML training and capacity building
• Managed AML compliance solutions for insurance providers
• Internal and statutory AML/CFT audit solutions for insurance companies
• Financial crime prevention framework development focusing on common fraud risks faced by insurance providers
• For more information, please visit our specialised AML Compliance Solutions page for Life Insurance Providers

 

Insurance Companies’ Compliance Technology Integration

Our services cover compliance aspects concerning the integration of technology for risk and compliance e-management, transactional reporting (where applicable), usage of AI, technology outsourcing, and compliance aspects of third-party risk management for insurance companies, including:

• Needs Assessment
• Compliance Technology Selection: Based on your budget, products, available operational and technical resources, and the applicable insurance companies' compliance obligations
• Implementation assistance across the organisation
• Streamlining operational workflows: For routine compliance tasks like data collection, reporting, and risk assessments
• AML/CFT Compliance Technology: Covering customer digital onboarding, E-KYC, PEP and sanctions screening, transaction monitoring, etc.
• Integration of insurance companies' compliance obligations into an effective CRM system
• Record-Keeping Obligations: Helping you choose and integrate the necessary tools to comply with the record-keeping requirements under various laws and insurance regulations

 

Data Management and Information Privacy Solutions

• Data Governance and Compliance:  Assisting insurance companies in establishing robust data governance procedures, programs, and protocols that align data collection, storage, and usage practices with relevant data privacy regulations, such as GDPR, CCPA, and other applicable laws. These measures safeguard sensitive client and business information from unauthorised access, breaches, and misuse.
• Privacy Policy Compliance Monitoring: Helping you implement privacy policies that reflect the latest data protection legislation, supported by continuous compliance monitoring tools to maintain the highest data privacy standards.
• Record Maintenance Protocols:  We assist in developing and implementing effective procedures for maintaining necessary records, covering insurance companies' compliance with applicable regulatory reporting standards and reporting requirements.
• Record Availability and Inspection Readiness:  Insurance regulations often require records to be readily available for inspection by regulators, AML/CFT supervisors, tax agencies, and other relevant authorities. This extends to information kept by your outsourced service providers. We help you organise your record-keeping processes to meet these needs.

 

ISO Standards and Insurance Companies’ Compliance

• Cross-Reference Mapping: Integrating ISO standards such as ISO 27001, ISO 9001, and ISO 22301 into an existing compliance framework and linking specific sections of ISO standards to corresponding procedures in your internal policies and procedures.
• Pre-Audit Preparation: Coordinating ISO controls testing across different parts of the business.
• Leading evidence collection across the different departments to cover relevant compliance areas such as planning, governance, organisational controls, operational controls, technological controls, and physical controls through structured workflows.
• Digital Compliance Repository: Helping you utilise a centralised digital repository for storing all compliance-related documents and evidence, making it easily accessible for audit purposes and compliance verification.
• ISO Audit Liaison:  Acting as a liaison between your team and the auditors, coordinating information requests, and ensuring all the necessary documentation is readily available.
• Post-Audit Remediation Management: We can lead the implementation of your remediation plan and support corrective actions to address all audit findings effectively.

 

Regulatory Change Management Solutions

Empower Your Business with Proactive Regulatory Change Management:

• Stay Ahead of the Curve:  We actively monitor regulatory updates from global financial authorities like MAS, ASIC, FMA, FCA, SEC, and other regulators for insurance companies' compliance changes and updates to evaluate the implications of regulatory changes.
• Impact Assessment and Mitigation Strategies: We analyse the potential impact of regulatory changes on insurance companies' compliance management frameworks and operational processes. We then collaborate with you to develop effective mitigation strategies that support continued compliance and minimise disruption.
• Seamless Implementation and Change Management:  We guide insurance companies through necessary process adjustments, update internal policies and procedures, facilitate a smooth transition through regulatory changes, and assist with effective communication with impacted stakeholders.