24.8 C
Nicosia
Friday, March 29, 2024

The BoDs are scanned. insurance

Must read

The BoDs are scanned. insurance

Theano Thiopoulou

Banking standards include the operation of the boards of directors of insurance companies, which should proceed with a self-assessment of their members, through a questionnaire, and send it to the Insurance Companies Audit Office by March 31.

A circular of the Deputy Inspector of Insurance Tonia Andreou states that “we believe that this questionnaire will help the better functioning of the boards and we ask that it be answered by the entire board of directors of each company”.

SEE ALSO: A. Athanasiadis: Insurance companies are a safe destination for investment

In addition to the formalities that must be answered, the question is included whether the BoD of insurance has a formal policy and documented procedure for the selection, appointment and removal of its members. It should also be answered how the BoD deals with, both during the appointment and during the term of office of the members, the conflict of interests. It is also required to justify whether there is succession planning and termination strategy of board members and sufficient diversity in terms of gender, experience, skills and knowledge.

There is also the issue of balance between executive and non-executive members of the board and whether the ratio allows the views of non-executive and independent members to be heard and the right decisions to be made, without conflict of interest. The BoDs They are also asked to justify, based on the guidelines of the Insurance Supervisor's instructions, whether the members have professional qualifications, experience and knowledge and to grade the level of experience and knowledge into low, medium and high. In addition, it is requested to attach the governance policy of the Board, in which to document its mode of operation, activities, duties and obligations and to describe the frequency and manner in which any evaluation of its performance and effectiveness is made. board, so as to ensure that its members, collectively and individually, remain effective in fulfilling the respective roles and responsibilities assigned to them.

The Insurance Supervisor Service also wants to know if an audit has been carried out by the internal audit unit and / or the external auditors for the effectiveness and efficiency of the board of directors. It requests that details be given as to whether the company has drawn up a program for the education and training of the members of the Board of Directors, with a view to further enhancing their knowledge and skills. Also, if the program is prepared on an annual or extraordinary basis and what kind of training has been done for the members of the Board of Directors in the last 3 years.

The questionnaire could not be absent from how often the board meets every year. and what is the average duration of a regular session. If meetings are held without the executive members and if there are consequences when the members are absent in more than one board meeting.

Source: www.philenews.com

- Advertisement -AliExpress WW

More articles

- Advertisement -AliExpress WW

Latest article