|Subject Area||Financial Regulation and Supervision|
|Issuing Body||Organisation for Economic Co-operation and Development (OECD)|
|Date of Issuance||Issued 28 April 2005; revised 19 May 2011|
The OECD Guidelines on Insurer Governance offer a comprehensive set of principles on insurer corporate governance.
The Guidelines on Insurer Governance 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.