Boards of Insurance Companies

Abstract

The board of an insurance company is the supreme governing body of the company. It has numerous stakeholders and many duties, which are discussed in this paper. The literature review concerns e.g., nonexecutive directors, board risk taking and oversight, ESG and diversity policies. In the discussion the relation of the board to the stakeholders and the duties and obligations of the board are described. The stakeholders include owners of the company, the CEO of the company, FSA and outsourcing partners. Other covered topics include key functions of the company, closing of the books, investments, solvency, compliance, recruitments, remuneration, product development, board committees and board training.