In this article by Robert Walling, Pinnacle Actuarial Resources, he discusses how the use of a peer review of the consulting actuary's work results in better corporate governance. Given the lack of insurance expertise on many captives' board of directors, the use of a peer review is certainly justified.
Responding to the increasing size and sophistication of captive insurance companies as well as the rapidly changing corporate and regulatory environment in which they operate, Airmic, the UK risk management association, has updated its Captive Governance Guide. The guide was originally published in 2019 in partnership with Aon plc.
A recent white paper explores four significant biases that affect board culture. Do any of these lurk within your captive insurance company's board? Here is an analysis of the white paper and a discussion of its applicability to captive insurance company board culture.
A recent report from PwC and the Conference Board examines how management views board effectiveness. Public company executives were each asked to rate their company's board of directors, and the results were surprising. Captive boards should be asking themselves how effective they are and whether management agrees with their self-assessment.
Rapid and profound change requires us to reexamine our mental models. This is true for everyone, including captive owners, board members, and managers. Here are some ideas and suggestions for those interested in updating their mental models.
The importance of good CEO/board relationships cannot be underestimated. The purpose of this article is to look at what constitutes the essential elements of a good CEO/board relationship and how these elements can be adapted to fit the management model employed by a large number of captives.
Board assessments can be valuable tools in improving the performance of captive insurance company boards. This article explores reasons why board assessments might be necessary for captive insurance companies, the benefits they can offer, and options for conducting them.