Long Term Insurance Act, 1998 (Act No. 52 of 1998)Board NoticesNotice on Governance and Risk Management Framework for Insurers, 2014Part 4 : Risk Management System21. Insurance fraud risk management policy |
The insurance fraud risk management policy must—
| (a) | outline appropriate strategies, procedures and controls to deter, prevent, detect, report and remedy insurance fraud, and to effectively manage fraud risk and possible risks to the insurer's financial soundness or sustainability caused by fraud; |
| (b) | take into consideration how the effectiveness of fraud risk management may be enhanced through contributing towards industry-wide initiatives to deter, prevent, detect, report and remedy insurance fraud; and |
| (c) | provide for the prompt reporting of insurance fraud to relevant regulatory authorities. |