GOVERNANCE RELATED CONTROLS :

Investment Committee

Every insurer is required to form an Investment Committee which consists of a minimum of 2 non executive directors, Chief Investment Officer, Chief Financial Officer and Appointed Actuary to oversee the performance of the Investment function

Investment Policy

The Board, on the basis of approval of Investment Committee, has to approve an Investment Policy for the Company on an yearly basis, with a half yearly review mechanism. The policy shall address the issues relating to Prudential norms, liquidity, management of assets and liabilities, scope of internal and concurrent audit and all other internal control of investment operations. It shall ensure adequate return on policyholders’ funds and shareholders’ funds.

Board shall review fund wise and product wise investment performance on a quarterly basis. The Board shall also lay down the norms for investing in “Other investments” category.