The paper provides background on insurer corporate governance, describes practices and identifies possible regulatory and supervisory issues. It discusses the issues such as corporate governance, control functions and external audit.
The paper provides background on insurer corporate governance, describes practices and identifies possible regulatory and supervisory issues.
It discusses the foundations of corporate governance, governance structures, the functions of the board, control functions - including risk management, compliance and reporting/whistleblowing - the actuary, the external auditor, disclosure and transparency, relationship with stakeholders and interaction with the supervisor.
Future IAIS papers will address topics such as board members need more in-depth knowledge, clearer responsibilities and closer involvement in the oversight of the insurer and in setting its risk appetite.
Further issues also include a ‘professionalized’ position of board members, remuneration, the role of control functions from a governance perspective, and due of insurers
Deadline for comments is 30 April 2009.
Draft Issues Paper on Insurer Corporate Governance
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