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Corporate Governance of Insurance Firms After Solvency II

  • Michele Siri
Chapter

Abstract

Under Solvency II, corporate governance requirements are a complementary, but nonetheless essential, element to build a sound regulatory framework for insurance undertakings and 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 chapter is devoted to highlighting the emerging regulatory trends in the corporate governance of insurance firms. Among others, 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.

Keywords

Insurance Corporate governance Board of directors Culture Risk management Internal controls Principle of proportionality Regulation EIOPA - European Insurance and Occupational Pensions Authority  ORSA - Own Self Risk Assessment Solvency Guidelines 

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Copyright information

© The Author(s) 2017

Authors and Affiliations

  • Michele Siri
    • 1
  1. 1.Department of LawUniversity of GenoaGenovaItaly

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