October 9, 2017
The Office of the Insurance Commission (OIC) has issued notifications applicable to life and non-life insurance companies, which are intended to emphasize the importance of internal risk management in insurance companies. The notifications were published in the Government Gazette on September 1, 2017, and will take effect 180 days later on February 28, 2018.The notifications contain several requirements that life and non-life insurance companies must comply with: