Digital disruption takes on many forms, making it a formidable risk area to be added to any boardroom discussion. We summarize a recent article that appeared on the National Association of Corporate Directors website on why blockchain technology needs to be addressed by board members.
The National Association of Corporate Directors (NACD) released its white paper on the "2018 Governance Outlook." While the paper is targeted at board members of publicly traded corporations, several of the monographs are germane to the governance of captive insurers as well. We'll look at some of the highlights of interest to captives.
As a captive owner or board director, what are the primary components of captive corporate governance? In this article, we look at five key pillars of corporate governance and provide a brief description of each facet.
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.
The focus on corporate governance standards continues to receive both political and regulatory attention. As a captive board member or senior management, does your captive insurer meet the requirements set forth in the Corporate Governance Model of the National Association of Insurance Commissioners? We outline a practical exercise for your board to consider.