OECD guidelines on insurer governance [electronic resource] PDF
Preview OECD guidelines on insurer governance [electronic resource]
m OECD Copyrightedmaterial OECD Guidelines on Insurer Governance OECD ThisworkispublishedontheresponsibilityoftheSecretary-GeneraloftheOECD. Theopinionsexpressedandargumentsemployedhereindonotnecessarilyreflect theofficialviewsoftheOrganisationorofthegovernmentsofitsmembercountries. Thisdocumentandanymapincludedhereinarewithoutprejudicetothestatusof orsovereigntyoveranyterritory,tothedelimitationofinternationalfrontiersand boundariesandtothenameofanyterritory,cityorarea. Pleasecitethispublicationas: OECD(2011),OECDGuidelinesonInsurerGovernance,OECDPublishing. http;//dx.doi.org/10.1787/9789264129320-en ISBN978-92-64-12931-3(print) ISBN978-92-64-12932-0(PDF) ThestatisticaldataforIsraelaresuppliedbyandundertheresponsibilityoftherelevant IGsorlaealniHaeuithgohrtist,ieEsa.stThJeeruussealoefmsuacnhddIastraaelbiystehtetlOeEmCeDntissiwnitthhoeutWepsrtejBudainckeutondtehretshtaetutseromfsthoef internationallaw. CorrigendatoOECDpublicationsmaybefoundonlineat:www.oecd.org/puhlishing/corrigenda. ©OECD2011 Ypuobuliccaatniocnosp,y,dadtoawbnalsoeasdaonrdpmruilnttiOmEedCiDacpornotdeuncttsfoirnyyoouurroowwnnudsoec,umaenndtyso,uprceasnenitnactliuodnes,ebxlcoegrsp,twsefbrsoitmesOEaCnDd Atlelacrheiqnugesmattserfioarlsp,ubplriocviodrecdotmhmaetrscuiitaalbluesaecaknndowtlreadngselamteinotnorfigOhEtCsDshaosuslodurbceesaunbdmicotptyerdigthotroiwgnhtesr@oiescgdi.voerng. Requestsforpermissiontophotocopyportionsofthismaterialforpublicorcommercialuseshallbeaddressed directlytotheCopyrightClearanceCenter(CCC)atm/[email protected]’exploitationdu droitdecopie(CFC)[email protected]. FOREWORD FOREWORD TheOECDGuidelinesonInsurerGovernancewereestablishedasan OECDRecommendation in 2005. Thispublicationreproduces the revised GuidelinesonInsurerGovernanceagreedbytheCouncilon19May2011.The Guidelines complement the principles onpension fund governance in the OECDRecommendationoftheCouncilonCorePrinciplesofOccupational PensionRegulationandtheOECDPrinciplesofCorporateGovernance. OECDGUIDELINESONINSURERGOVERNANCE©OECD2011 3 Copyrightet]malerial TABLEOFCONTENTS TABLEOFCONTENTS RecommendationoftheCouncilonGuidelines onInsurerGovernance 7 PartI OECDGuidelinesonInsurerGovernance Introduction 13 I. Governancestmcture 14 II. Internalgovernancemechanisms 27 III. Groupsandconglomerates 33 IV. Stakeholderprotection 35 PartII Annotations A.RationalefortheGuidelines 43 B.Somespecificitiesoftheinsurancesector 46 C.Detailedannotations 52 I. Governancestmcture 52 II. Internalgovernancemechanisms 69 III. Groupsandconglomerates 80 IV. Stakeholderprotection 84 OECDGUIDELINESONINSURERGOVERNANCE0OECD2011 5 Copyrightet]malerial RECOMMENDATIONOFTHECOUNCILONGUIDELINESONINSURERGOVERNANCE RECOMMENDATIONOFTHECOUNCIL ONGUIDELINESONINSURERGOVERNANCE Asamendedon19May2011 THECOUNCIL, HavingregardtoArticle5b)oftheConventionontheOrganisationfor EconomicCooperationandDevelopmentof14December1960; ConsideringthatOECDMinistersagreedin2002thatimplementationof bestpracticesincorporateandfinancialgovernanceentailsanappropriatemix ofincentives,balancedbetweenregulationandself-regulation,andthatsuch governanceshouldbeimprovedtoenhancetransparencyandaccountabilityand thereby strengthen investor confidence and the stability and resilience of financialmarkets; Consideringthatthesoundnessandintegrityoffinancialinstitutionsand their conduct toward consumers depends not only on regulation and supervision,butalsoonthequalityofgovernancepracticeswithinfinancial institutions; Considering that the governance of financial institutions, including insuranceproviders,shouldheofahighstandardandservesasakeyelementof theregulatoryandsupervisoryframework; Considering that the specificity of the business activities, risks and responsibilitiesofinsuranceproviderscallforspecificguidanceoninsurer governanceinadditiontothemoregeneralstandardsprovidedbytheOECD PrinciplesofCorporateGovernance; ConsideringthattheGuidelinesonInsurerGovernance(hereinaftercalled “theGuidelines”)complementtheprinciplesonpensionfundgovernanceinthe OECDGUIDELINESONINSURERGOVERNANCECOECD2011 7 1 RECOMMENDATIONOFTHECOUNCILONGUIDELINESONINSURERGOVERNANCE RecommendationoftheCouncilonCorePrinciplesofOccupationalPension RegulationandtheOECDPrinciplesofCorporateGovernance,andthatthe CorporateGovernanceCommitteeisoftheviewthattheGuidelinesarefully compatibleandconsistentwiththePrinciplesofCorporateGovernance; Consideringthateffortshavebeenmadebytheinsurancesectorand regulatory and supervisory authorities in recent years to strengthen the governancepracticesofinsurers; Considering that these Guidelines are meant to provide non-binding guidancetotheinsurancesectorasawhole,includingstockcompanies,mutual insurersoranyothertypeofinsuranceproviders,operatingasdirectinsurersor reinsurersdomesticallyorinternationally-(hereafter“insurers”); Considering that the Insurance and Private Pensions Committee has elaborated these Guidelines on the basis ofnational experiences and the experiencesofrelevantinternationalinstitutionsandorganisations,inparticular theInternationalAssociationofInsuranceSupervisors; Recognisingthereviewofthe2005GuidelinesonInsurerGovernance carriedoutbytheInsuranceandPrivatePensionsCommitteeandthejointwork conductedwiththeInternationalAssociationofInsuranceSupervisorsaspartof thisreview; RecognisingthatdevelopmentsintheinsurancesectororthePrinciplesof CorporateGovernancemaycallforfurtherupdatingandrevisionofthese Guidelines; OntheproposaloftheInsuranceandPrivatePensionsCommittee; RECOMMENDSthatMembersinvitepublicauthoritiesandinsurersto ensure a sound governance frameworkforinsurers, having regard to the contentsoftheAnnex*tothisRecommendationofwhichitformsanintegral part. INVITESMemberstodisseminatetheseGuidelinesamongpublicand privateinsurers. * ThetextoftheOECDGuidelinesonInsurerGovernanceisreproducedin PartIofthisdocument. 8 OECDGUIDELINESONINSURERGOVERNANCEOOECD201
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