Solvency II Art.46: Art. 46; DR Arts 266, 270 Maintain an internal control system and a compliance function

Undertakings must have an effective internal control system of administrative and accounting procedures, an internal control framework, reporting arrangements at all levels, and a compliance function that advises the AMSB on compliance, assesses the impact of legal changes and identifies and assesses compliance risk. The system must ensure legal compliance, effective and efficient operations and reliable financial and non-financial information. The compliance function keeps a compliance policy (responsibilities, competencies, reporting) and a compliance plan covering all relevant activities, and assesses the adequacy of measures preventing non-compliance.