Corporate governance of insurance firms after Sovency II
- Under Solvency II, corporate governance requirements are a complementary, but nonetheless essential, element to build a sound regulatory framework for insurance undertakings, also to address risks not specifically mitigated by the sole solvency capital requirements. After recalling the provisions of the Second Pillar concerning the system of governance, the paper highlights the emerging regulatory trends in the corporate governance of insurance firms. Among others things, it signals the exceptional extension of the duties and responsibilities assigned to the board of directors, far beyond the traditional role of both monitoring the chief executive officer, and assessing the overall direction and strategy of the business. However, a better risk governance is not necessarily built on narrow rule-based approaches to corporate governance.
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| Author: | Michele SiriORCiDGND |
|---|---|
| URN: | urn:nbn:de:hebis:30:3-769932 |
| URL: | https://ssrn.com/abstract=3108439 |
| Series (Serial Number): | ICIR Working Paper Series (No.27/2017 [10.7.17]) |
| Publisher: | International Center for Insurance Regulation |
| Place of publication: | Frankfurt am Main |
| Document Type: | Working Paper |
| Language: | English |
| Year of Completion: | 2017 |
| Year of first Publication: | 2017 |
| Publishing Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Release Date: | 2024/03/28 |
| Tag: | Corporate Governance; Culture; EIOPA; Guidelines; Insurance; Internal Controls; ORSA; Own Self Risk Assessment; Principle of Proportionality; Regulation; Risk Management; Solvency |
| Edition: | Revised version 10th July 2017 |
| Page Number: | 39 |
| HeBIS-PPN: | 516922734 |
| Institutes: | Wirtschaftswissenschaften / Wirtschaftswissenschaften |
| Wissenschaftliche Zentren und koordinierte Programme / House of Finance (HoF) | |
| Wissenschaftliche Zentren und koordinierte Programme / Sustainable Architecture for Finance in Europe (SAFE) | |
| Dewey Decimal Classification: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Sammlungen: | Universitätspublikationen |
| Licence (German): |  Deutsches Urheberrecht |
