OECD Guidelines on Insurer Governance
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The Guidelines on Insurer Governance (Issued on 28 April 2005 and revised on 19 May 2011) 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. The Guidelines emphasise the following elements: 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 and the OECD Guidelines for Pension Fund Governance.