16 November 2017 - As financial institutions whose business is the acceptance and management of risk, insurers are expected to have sound governance practices and effective risk management systems. The nature of their business activities requires insurers to be subject to tailored guidance on their risks and responsibilities.
The OECD Guidelines on Insurer Governance provide guidance and serve as a reference point for insurers, governmental authorities, and other relevant stakeholders in OECD and non-OECD countries. The Guidelines have been revised and expanded for the second time since they were first adopted in 2005 to reflect evolving market practices and updates to international guidance following the financial crisis.
The revision process involved a comprehensive stocktake of existing international guidance on corporate governance, in particular the 2015 G20/OECD Principles on Corporate Governance and a public consultation. Key updates include:
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