The IAIS and OECD conducted an online consultation between 17 March and 30 April 2009 on the draft Issues Paper on Corporate Governance . This issues pages provides background on insurer corporate governance, describe practices and identify possible regulatory and supervisory issues.
The issues paper was developed jointly by the IAIS Governance and Compliance Subcommittee and the OECD Insurance and Private Pensions Subcommittee. It takes into consideration the OECD Guidelines on Insurers’ Governance and existing work within the IAIS, and is informed by responses to the IAIS-OECD survey and by a joint IAIS-OECD roundtable held in Paris in December 2008 as well as by the supervisory experience of the members of the subcommittee and an summary report on the survey responses.
This issues paper is distinct in having an insurer corporate governance focus and discusses a variety of topics from this perspective. The paper identifies issues relevant in determining if an insurer’s governance is sound and appropriate for the nature, scale and complexity of the business and its overall risk profile and relevant in the assessment of whether it is being adequately implemented.
The paper does not aim to present proposals or recommendations – but rather to inform further considerations by the IAIS and the OECD by describing important components of an insurer’s corporate governance framework.
IAIS Members and Observers, OECD Member countries and other interested stakeholders were invited to submit comments on this draft issues paper considering the following issues:
Whether the corporate governance issues discussed in this paper werethe relevant ones in relation to the governance of insurers.
Whether there were other aspects of insurer governance that should be addressed specifically in future IAIS and/or OECD papers.
Whether the lessons learned from the financial crisis had been sufficiently covered.
The IAIS and OECD is grateful for comments received on the draft issues paper which also provided useful input to future work on insurer’s corporate governance within the two organisations.
- Mr. Timothy Bishop (Senior Expert in Finance and Insurance, OECD Secretariat, Phone +33 1 45 24 84 66, firstname.lastname@example.org
- Ms. Lone Mørup (Principal Administrator, IAIS Secretariat, Phone +41 61 280 9136, email@example.com