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(From Reinsurance)
The International Association of Insurance Supervisors (IAIS) has published a compilation of documents detailing corporate governance requirements for insurers.
With increased international attention on the need to promote good corporate governance, the IAIS decided that a detailed list of the relevant guidelines would be helpful to both insurers and supervisors, especially in the wake of the release of the IAIS's 28 revised insurance core principles (ICP) and an associated assessment methodology in October 2003.
Tom Karp, executive general manager of the Australian Prudential Regulatory Authority and chair of the IAIS technical committee, said: "Consideration of the governance and decision-making processes of insurance companies is a key component of insurance supervision. This compilation ...