The European Confederation of Institutes of Internal Auditing (ECIIA) adopted the Guidance on Internal Audit in the insurance industry, available here.
The document aims to enhance the overall effectiveness of Internal Audit, and its impact in the European Insurance industry. It interprets the high level principle based requirements for Internal Audit functions in the insurance undertakings, set under the Solvency II framework. The guidance has been prepared by the ECIIA Insurance Committee that gathered CAEs from the insurance sector in Europe*. They promote the professionalism of the Internal Audit function in Europe through knowledge sharing.
«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.
«This guidance is an important step as it summarizes the core features expected of an Internal Audit function in the insurance industry in Europe, while the sector is preparing for the review of Solvency II in 2020», said Thierry Thouvenot, ECIIA Vice President.
*:The Committee is made of representatives from Austria, France, Germany, Luxembourg, Spain, Sweden, Switzerland, UK & Ireland