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Monetary Authority of Singapore INSURANCE BUSINESS - INSURANCE FRAUD RISK November 2007 GUIDELINES ON RISK MANAGEMENT PRACTICES FOR INSURANCE BUSINESS NOVEMBER 2007 - INSURANCE FRAUD RISK GUIDELINES ON RISK MANAGEMENT PRACTICES FOR INSURANCE BUSINESS - INSURANCE FRAUD RISK MONETARY AUTHORITY OF SINGAPORE GUIDELINES ON RISK MANAGEMENT PRACTICES FOR INSURANCE BUSINESS NOVEMBER 2007 - INSURANCE FRAUD RISK TABLE OF CONTENTS 1 INTRODUCTION AND FUNDAMENTALS 1.1 Introduction 1 1.2 Fundamentals 1 2 RISK MANAGEMENT FRAMEWORK 2.1 Strategy 3 2.2 Structure 4 2.3 Policies and Procedures 4 3 RISK IDENTIFICATION, CONTROL AND MONITORING 3.1 Risk Identification and Measurement 6 3.2 Risk Control and Mitigation 8 3.3 Risk Monitoring and Review 11 MONETARY AUTHORITY OF SINGAPORE GUIDELINES ON RISK MANAGEMENT PRACTICES FOR INSURANCE BUSINESS NOVEMBER 2007 - INSURANCE FRAUD RISK 1 INTRODUCTION AND FUNDAMENTALS 1.1 INTRODUCTION 1.1.1 The International Association of Insurance Supervisors (IAIS) recognises the importance for insurers to address the potential implications of insurance fraud on their operations. In this regard, one of the IAIS’ Insurance Core Principles recommends that supervisors require insurers to take necessary measures to prevent, detect and remedy insurance fraud. The IAIS also issued a guidance paper in October 2006 setting out guidelines for mitigating insurance fraud risk. 1.1.2 This chapter provides guidance on sound risk management practices to identify and mitigate direct insure