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Part I General, 3 Comparative Regulation of Corporate Governance in the Insurance Sector

Arthur van den Hurk, Michele Siri

From: Governance of Financial Institutions

Edited By: Danny Busch, Guido Ferrarini, Gerard van Solinge

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 10 December 2023

Regulation of banks — Credit risk — Financial regulation

This chapter focuses on corporate governance in the insurance sector. Insurers fulfil an essential role in the economy as managers of insurable risk over potentially long periods of time. This role requires a corporate culture and environment of shared values and respect of sound ethical principles. Overall, this is a system which is composed of corporate structures and related governing policies. EU prudential regulation has to deal with the specificities of the insurance sector and to have sufficient flexibility to take into account the characteristics of each type of insurance activity and various forms of corporate structure. There are also expectations to shape corporate governance frameworks of financial institutions in a comparable and similar way for all types of financial institutions, often using banking regulation as the underlying template.

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