Update of the overarching Circular on governance for the insurance sector
The National Bank today published an update of its overarching Circular on governance for the insurance sector that covers 6 aspects:
(i) indication of how to reconcile the new rules of the Companies and Associations Code with prudential requirements;
(ii) simplification of the rules on the distribution of tasks between members of the management committee;
(iii) clarification of recommendations on outsourcing and a number of new requirements;
(iv) reinforcement of remuneration rules;
(v) strengthening of the rules on IT infrastructure, in particular through the publication of a new circular on cloud outsourcing; and
(vi) introduction of initial recommendations on sustainable finance.
The new recommendations on outsourcing and remuneration apply from 2021.