Entire Section

  • PIB 5.10.2 PIB 5.10.2

    An Authorised Firm must establish and maintain such systems and controls to monitor and manage its Underwriting and sub-underwriting business as are appropriate to the nature, scale and complexity of its Underwriting and sub-underwriting business.

    Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]

    • PIB 5.10.2 Guidance

      1. An Authorised Firm should take reasonable steps to:
      a. allocate responsibility for the management of its Underwriting and sub-underwriting business;
      b. allocate adequate resources of the Authorised Firm to monitor and control its Underwriting and sub-underwriting business;
      c. satisfy itself that its systems to monitor its Exposure to a Counterparty will calculate, revise and update its Underwriting Exposure to each Counterparty and its Capital Requirements;
      d. satisfy itself of the suitability of each person who performs functions for it in connection with the Authorised Firm's Underwriting business, having regard to the person's skill and experience; and
      e. satisfy itself that its procedures and controls to monitor and manage its Underwriting business address the capacity of sub-underwriters to meet sub-underwriting commitments.
      Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]