Definitions
- The term “Companies” in This Code is intended to include: insurance and reinsurance companies, and insurance related service providers including insurance brokerages, insurance agencies, reinsurance brokerages, and reinsurance agencies. The rest of the terms used in This Code shall have the same meaning as per article one (1) of the Implementing Regulations.
- Risk management is defined1 as the process whereby the insurer's management takes action to assess and control the impact of past, present and potential future
events that could be detrimental to the insurer. These events can impact both the asset and liability sides of the insurer's balance sheet, and the insurer's cash flow.
1 Source IAIS guidance paper on investment risk management, October 2004