Who's Watching The Board?
At a time when corporate board members are being spotlightedfollowing the fiasco at Enron and other financially troubled firms,it was alarming to hear Massachusetts insurance regulators complainthat they found a high degree of ignorance in insurer boardroomsabout the basic workings of the underwriting business.
Many “lack basic knowledge of products, risks and statutoryaccounting,” Massachusetts Insurance Commissioner Julianne Bowlersaid during a recent seminar. As an example, she said somedirectors did not even know the difference between personal andcommercial lines.
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