New legislation proposal

The regulatory authorities are planning to submit a new proposal for a law bill providing for stiffer internal audit, stricter procedures for risk management and supervision of reinsurance needs. It would also providing a more prominent status to actuary works. Insurers will be required to establish four independent reporting platforms in terms of management, compliance with the procedures, actuarial services and internal audit. These platforms will be directly connected to the board of directors and designed to reduce the influence of general managers. Other measures, like external audit, the presence of management strategies will also be reviewed.