OECD Guidelines on Insurer Governance
By: Organisation for Economic Co-operation and Development
Publisher: OECD Publishing
Published: 2011
Place of publication: Paris
Language: eng
Format: [electronic resource] /
Number of pages: 92
ISBN-13: 9789264129320
Subjects: Finance and Investment; Governance
Description: The OECD Guidelines on Insurer Governance offer a comprehensive set of principles on the governance of insurers that are intended to provide guidance and serve as a reference point for insurers, governmental authorities, and other relevant stakeholders in OECD and non-OECD countries. As financial institutions whose business is the acceptance and management of insurable risk, insurers should have sound governance and risk management practices so that they will be in a position to provide promised benefits to policyholders and beneficiaries and thus fulfil their insurance function in the economy. The Guidelines on Insurer Governance emphasise the following key elements of insurer governance: an expected prudent approach to business and financial strategies; a well developed risk culture and risk management and internal control systems, supported by effective and independent control functions and integrated firm-wide reporting; sound compensation arrangements; a high level of financial expertise among board members and within senior management; and policies and procedures that ensure proper treatment of customers and policyholders. The Guidelines complement the OECD Principles of Corporate Governance, one of the twelve key Financial Stability Board standards for sound financial systems.
Table of contents: title: Foreword; title: Recommendation of the Council on Guidelineson Insurer Governance; title: Introduction; title: Governance structure; title: Internal governance mechanisms; title: Title not yet defined; title: Stakeholder protection; title: Rationale for the Guidelines; title: Some specificities of the insurance sector; title: Detailed annotations.