The Financial Compliance Unit (FCU) supervises insurance companies from a financial perspective, with the objective of ensuring that they are financially sound and have adequate resources to meet their obligations to policyholders and shareholders at all times. The Unit also ensures that supervised entities have the proper governance structure in place.
The FCU conducts regular off-site analysis based on the prudential reporting filed by the insurance companies. It performs on-site inspections, and meets regularly with the management teams of insurance companies in order to enhance its understanding of the business and its assessment of the corresponding risks. It recommends corrective measures as relevant, and follows-up on the implementation of these measures and the analysis of their impact on the financial condition of the insurer.