Financial Supervision Authority, enhanced measures to address COVID-19 risks

0
332

The Financial Supervision Authority, in order to reduce the potential risk from situations created by COVID-19, has asked the operators of the supervised markets to update the data and to have functional crisis management plans, where all the elements are detailed. technical, logistical, human and financial to cope with potential effects.

In a special instruction, AFSA requires insurance companies and management companies to take measures to ensure the continuity of business; Maintain the appropriate level of liquidity, take other necessary measures to maintain the position of the indicators and immediately inform the Authority in case of violation of these indicators. Insurance is required to consider changing reinsurance arrangements to limit exposure to COVID-19, taking into account a level of aggregate retention for all events that may occur during the year as a result of COVID-19.

Also cites the instruction AFSA, dependent institutions should take measures to update the official websites, Review the terms of insurance contracts, to reflect any changes in risk exposure during the pandemic period. Carry out an assessment of products that may be affected by the pandemic by informing insured persons and updating the instructions / procedures for taking out insurance following the COVID-19 event.

Reply

Please write your comment!
Please enter your name here