Insurance Non-Executive Directors

THE BOARD IN ACTION

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What are the basic technical knowledge requirements?

 

TECHNICAL KNOWLEDGE

Insurance NEDs do not need to be experts in every aspect of a company’s affairs, but they do need to possess or develop an adequate working knowledge of the matters with which the Board will be concerned.

A list of technical insurance subject areas and reporting requirements for non-life insurers and Lloyd’s managing agents is offered for illustrative purposes only.

 

CONSTRUCTIVE CHALLENGE

Also by way of illustration only, the types of questions and advice, provided by Tom Bolt, then Director, Performance Management, Lloyd’s, at a market briefing of NEDs in Q4 2014, provides a useful check-list of issues that relate to underwriting management.

 

INSURANCE ACT 2015

Members of all insurance Boards should possess a working knowledge of the Insurance Act 2015 which embodies far-reaching reforms to previous UK legislation and the contractual relationships between policyholders and their insurers.