Public Consultation: Draft revised OECD Guidelines on Insurer Governance

Deadline for comment: 21 October 2010

The OECD is inviting public comment on its draft revised OECD Guidelines on Insurer Governance. These revisions are the result of a comprehensive review of the current OECD Guidelines on Insurers’ Governance, first released in 2005. The proposed draft revised guidelines were developed within the OECD’s Insurance and Private Pensions Committee.

 The guidelines are intended to apply to any insurer licensed to underwrite life, non-life, and reinsurance policies and take into account the specificities of the insurance sector. They are designed in light of the overriding objective of an insurance undertaking, which is to provide benefits to the insured in accordance with the contracts concluded with them and satisfy its shareholders.

The guidelines are organised around four main sections: governance structure; internal governance mechanisms; groups and conglomerates; and stakeholder protection. They are structured in such a way as to promote clear presentation and comparability with other possible national or international rules or principles. The guidelines are also accompanied by detailed annotations that elaborate more fully on the guidelines and their rationale.

 (…)Interested stakeholders and industry are invited to provide comments on the draft revised OECD Guidelines. Comments should be sent to Angélique Servin (angélique.servin@oecd.org) no later than 21 October 2010. Based on input received, the OECD will seek to improve and finalise the revised guidelines. (continue reading… )

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