Insurance carriers need to improve board oversight of the risk the companies face in a world where regulatory scrutiny is growing, according to a report from a major ratings service.
Moody's Investor Service released a report titled "North American Insurers Face Three Significant Governance Challenges," covering succession planning, executive pay practices and risk management.
The report, authored by Mark Watson, managing director at Moody's, pointed out that increasing regulation is forcing insurers to improve their governance and risk management practices. Boards, the report said, need to "engage actively with management in approving the insurer's overall risk appetite and specific risk limits."
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