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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 UnderwritingExposure 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'sUnderwriting 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]