The International Association of Insurance Supervisors has released a compilation of documents detailing corporate governance requirements for insurers. It also lays out methods used by supervisors to ensure compliance with applicable corporate governance standards.

“Consideration of the governance and decision-making processes of insurance companies is a key component of insurance supervision,” said Tom Karp, chairman of the technical committee for the Basel, Switzerland-based IAIS. “This compilation provides a comprehensive set of regulatory and supervisory best practice on corporate governance in insurance companies.”

Among the documents are the Insurance core principle specifically addressing corporate governance, other Insurance core principles also directly impacting on corporate governance and a list of all IAIS standards and guidance related to various corporate governance aspects. The documents are a subset of the revised Insurance core principles and associated Assessment methodology adopted by the IAIS in October 2003, which offer guidance for the effective operation of supervisory systems around the world. The 28 core principles included cover all aspects of a supervisory framework.

The IAIS was established in 1994 to develop international principles and standards for insurance supervision, and to improve supervisory systems for the insurance industry through mutual assistance and cooperation. It has a membership of insurance supervisors from more than 150 jurisdictions.