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Bank Department responsible for renewing insurance policies.

Posted by George A. Loizou on August 31, 2015 at 8:37 in Questions

In the case where a Bank does not have an Insurance Department or Division,

which department should be looking after the insurance policies and having the responsibility of renewing them ?

For instance should the Employees Life Insurance policy be the responsibility of HR Dept. ?

Fire Policy of the Bank's buildings the responsibility of the Bank's Property Dept. ? 

Crime and PI the responsibility of Operational Risk Dept. ?

Or should a department,  say O & M,  undertake the responsibility for all policies ?

Can I please have your views?

Thank you

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