|
Permanent url: www.oecd.org/daf/insurance/governance
Consultation closed (since 30 April 2009)
The IAIS and OECD are pleased to announce the release of a draft Issues Paper on Corporate Governance. The purpose of the issues paper is to provide 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. A summary report on the survey responses will be made available. The IAIS and OECD are very grateful to those who provided input to the survey and those who contributed to the roundtable. The paper is also informed by lessons learned in the context of the current financial crisis, including in respect of compensation practices and their impact on governance-related issues.
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. Before advancing this work due regard will be given to other work underway in the two organisations.
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 thanked for comments received on the draft issues paper. Together with the issues paper the comments provided useful input to future work on insurer’s corporate governance within the two organisations.
Background information
Contacts
-
OECD - Mr. Timothy Bishop (Senior Expert in Finance and Insurance, OECD Secretariat, Phone +33 1 45 24 84 66, timothy.bishop@oecd.org)
-
IAIS - Ms. Lone Mørup (Principal Administrator, IAIS Secretariat, Phone +41 61 280 9136, lone.moerup@bis.org).
|
