OECD has amended the standards for corporate governance in insurers. The non-binding guidelines highlight:

  • the need for a 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;
  • 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.

(Source: Revised OECD Guidelines on Insurer Governance)