The European Confederation of Institutes of Internal Auditing (ECIIA) calls for effective Internal Audit in the European Insurance industry and published a Guidance paper to help accomplish this goal. The document aims to enhance the overall effectiveness of Internal Audit, and its impact in the European Insurance industry.
The Internal Audit function is one of the four key functions identified as material elements of the expected governance system for Insurance undertakings under Solvency II. The ECIIA has issued this document to help interpret the high-level principle-based requirements for Internal Audit functions in Insurance undertakings set under the Solvency II framework.
“The guidance sets the high level expectations of good practices for Internal Audit functions in the insurance industry. Nevertheless, there is no one size fits all solution and it should be applied in accordance with the national legislation and corporate structures applicable”, explained Hervé Gloaguen, ECIIA Insurance Committee Chairman
Download Internal Audit in the insurance industry Guidance