Click the headings below for more information:
- I’m on the Board. What should I be looking for?
- What constitutes good corporate governance?
- What are the basic technical knowledge requirements?
- How should a board develop an appropriate culture and values?
What are the basic technical knowledge requirements?
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.
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.