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On-Site Inspections & Senior Officer Approval Regime

KReview is an automated supervisory tool used by the Commission to improve the efficiency and effectiveness of on-site inspections and senior officer approval processes. It standardizes work processes, enhances consistency, and optimizes resource allocation. This system helps regulators navigate through the review program, ensuring tailored inspections and timely follow-up.

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On-Site Inspections & Senior Officer Approval Regime

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  1. On-Site Inspections & Senior Officer Approval Regime Kenneth Baker Deputy Managing Director, Regulation

  2. KReview • KReview represents a range of automated supervisory tools used by the Commission to undertake effective and detailed on-site inspections

  3. KReview • Improve resource efficiency and effectiveness • Enable the Commission to deploy skilled resources more effectively (i.e. where risks are highest) without losing sight of the wider perspective

  4. KReview • Standardised inspection work process and result analysis • Improved consistency between reviews, supervisory capability and training

  5. KReview • Extensive bank of review questions covering all the relevant elements of the area under assessment, • KReview guides the Commission’s Regulator through his or her review program • Matrix behind the questions can help ensure that each response leads to appropriate follow up questions so tailoring the review and making sure the reviewer, time is not wasted on unnecessary questions thereby significantly improving the speed and efficiency of inspections.

  6. On-site Inspection Findings • Insurance Division • Fiduciary Division

  7. Common Breaches –Insurance Division • Books and Records • Notifiable Changes • Annual Statements • Management Agreements • Reporting Obligations • AML Code of Practice

  8. Insurance Division • Books and Records: * A failure of Insurance Managers to maintain adequate books and records to enable the Division to determine the type and classes of insurance business carried o by the insurer and to enable the Division to conduct a proper examination of the insurer’s affairs and to ascertain with reasonable accuracy its financial position.

  9. Insurance Division • Notifiable Changes: * A failure of Insurance Managers to ensure that their clients submit requests for prior approval or provide notifications of changes as required by legislation.

  10. Insurance Division • Annual Statements: * Late submission by insurers of audited financial statements as required by the legislation. Insurers have historically been tardy in submitting annual licence fees.

  11. Insurance Division • Management Agreements: * A failure of Insurance Managers to ensure that management agreements include the insurers’ obligation under the Act relating to awareness of compliance requirements.

  12. Insurance Division • Reporting Obligations: * A failure of Insurance Managers to ensure that events are reported when the insurer is conducting its business in a manner contrary to the Act and is not complying with any provisions of the Insurance Act, 1994.

  13. Insurance Division • AML Code of Practice: • Identification procedures (new & continuing business) • Suspicious transaction procedures • Staff education and training

  14. Common Breaches – Fiduciary Division • Off-Site Preliminary Assessment • On-Site Assessment • Anti-Money Laundering

  15. Fiduciary Division • Off-Site Preliminary Assessment: • Events requiring prior approval • Notifiable events • Accounts • Internal testing

  16. Fiduciary Division • On-Site Assessment: • Capital adequacy • Complaints • Training • Records

  17. Fiduciary Division • Anti-Money Laundering: • Identification procedures – new & continuing • Identification procedures – introduced • Suspicious transactions procedures • Registers • Staff education & training • Client file review

  18. Senior Officer Approval Regime • Definition • Legislation • Application of Regime • Fit & Proper Test • Notification & Subsequent Approval • Withdrawal of Approval

  19. Definition • Senior Officer: - Means a person appointed to perform such supervisory or managerial functions with respect to a licensee as may be prescribed

  20. Legislation • Banks and Trust Companies Act, 1990 • Company Management Act, 1990 • Financial and Money Services Bill, 2007 • Insurance Bill, 2007

  21. Application of Regime • Anyone likely to be able to exert significant influence over conduct of the licensee’s affairs in relation to regulated activity; • Anyone dealing directly with licensee’s customers in relation to regulated activity; • Anyone dealing with the property of the licensee’s customers in relation to regulated activity

  22. Fit & Proper Test • Integrity • Financial stability • Competence • Track record

  23. Post Approval Notification • Resignation • Termination • Misconduct • Defalcation

  24. Subsequent Approval • Change in job • Change in designation with same licensee

  25. Withdrawal of Approval • Individual no longer considered “fit & proper” • Individual failed to comply with relevant legislation and other requirements • Individual pose risk to consumers & confidence in the financial system • Previous disciplinary record and compliance history

  26. Conclusion • Questions & Discussions

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