INSURANCE, A BUSINESS, WHICH WITHOUT A WELL-STRUCTURED INTERNAL CONTROL IS DOOMED TO FAILURE
Published: 29 Sep 2016
Abstract: In the context of insurance-fraud growth and financial-accounting and management shortcomings, as well as of the amplification of irregularities in contracting and administering insurance, and of the economic crisis in Romania, we believe that the activities of internal-control systems and foremost those belonging to the financial control management, as well as those of combating fraud and payments of unfair compensation, should all be refocused mainly by conducting measures and activities specific for the defense of funds by preventing, discovering and combating irregularities meant to affect the assets of insurance companies, the unfair-compensation payments, by combating fraud and discovering irregularities and abuse in the activities of employees. As such, the knowledge and the discovery of these depend largely on the organizational structure of internal control, the attributions conferred upon it, organized actions and the interest and importance, which the leadership granted to the control activities.
Keywords: corporate governance, control, principles, insurance, objectives
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