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NBS approves measure for audits

THE BANK Board of the National Bank of Slovakia (NBS) approved on March 3 a new measure about reporting on results of internal audits and on planned activities of these internal audit departments within insurance companies, branches of foreign insurance companies, reinsurance companies and branches of foreign reinsurers, the SITA newswire wrote. The objective is to ensure that these entities operating in Slovakia submit reports with a uniform structure and content and to the extent and in the way defined by the central bank.

THE BANK Board of the National Bank of Slovakia (NBS) approved on March 3 a new measure about reporting on results of internal audits and on planned activities of these internal audit departments within insurance companies, branches of foreign insurance companies, reinsurance companies and branches of foreign reinsurers, the SITA newswire wrote. The objective is to ensure that these entities operating in Slovakia submit reports with a uniform structure and content and to the extent and in the way defined by the central bank.

The NBS measure is based on a new law covering the insurance industry which took effect on April 1, 2008. The law sets out basic rules for the organisation and management of insurance and reinsurance companies. A duty to establish internal audit departments in insurers and reinsurers and branches of foreign insurance and reinsurance companies was introduced by the law.

“The NBS was obliged to issue a measure to adjust the structure, content, extent and form of report compilation related to the outcome of activities performed by internal audit departments for the previous year and plans for the following calendar year,” said NBS spokesperson Jana Kováčová. “Therefore the measure wasapproved.”

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