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06 November 2012
On August 6 2012 the insurance regulator, ISVAP, published the outline of Regulation 50/2012 amending and supplementing Regulation 20/2008 regarding internal audits, risk management, compliance and outsourcing of insurers' operations.
The purpose of the amendments is to adjust certain provisions of Regulation 20 to accord with the International Association of Insurance Supervisors Insurance Core Principle 7 regarding the principles of corporate governance.
Specifically, the amendments provide for:
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