Law No. 1349 “On insurance”.

This Law outlines the legal framework governing insurance activities, emphasizing the protection of the property interests of individuals and legal entities in the event of insurance occurrences. It establishes the principles of insurance operations, the role of regulatory bodies, and the obligations of insurance organizations. Key legal principles include the necessity for compliance with national legislation, adherence to internal organizational documents, and the importance of effective internal control systems within insurance entities. The document specifies several critical measures for insurance organizations, including the verification of the occurrence of insurance events based on credible documentation and expert conclusions. It mandates that insurers are responsible for substantiating claims and the resulting damages. Additionally, it outlines the powers of internal auditors to ensure compliance with legal standards, evaluate risk management effectiveness, and uphold ethical norms within the organization. The document also emphasizes the need for timely reporting of suspicious transactions in accordance with anti-money laundering laws. Implementation mechanisms include the establishment of internal audit functions within insurance organizations, which are tasked with ensuring the reliability of internal controls and compliance with legal requirements. The document highlights the responsibilities of various stakeholders, including management, auditors, and structural units, in maintaining adherence to established protocols. It also addresses the importance of confidentiality and the obligation to report violations, thereby reinforcing the enforcement of compliance measures and the involvement of regulatory authorities in oversight activities.