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Insurance Regulation in the European Union pp 129–177Cite as

Palgrave Macmillan

Corporate Governance of Insurance Firms After Solvency II

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Abstract

Under Solvency II, corporate governance requirements are a complementary, but nonetheless essential, element to build a sound regulatory framework for insurance undertakings and also to address risks not specifically mitigated by the sole solvency capital requirements. After recalling the provisions of the second pillar concerning the system of governance, the chapter is devoted to highlighting the emerging regulatory trends in the corporate governance of insurance firms. Among others, it signals the exceptional extension of the duties and responsibilities assigned to the Board of Directors, far beyond the traditional role of both monitoring the chief executive officer and assessing the overall direction and strategy of the business. However, a better risk governance is not necessarily built on narrow rule-based approaches to corporate governance.

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Authors and Affiliations

  1. Department of Law, University of Genoa, Genova, Italy

    Michele Siri

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  1. Michele Siri
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Editors and Affiliations

  1. Fac. of Banking, Finance & Insurance Science, Catholic University of the Sacred Heart, Milan, Italy

    Pierpaolo Marano

  2. University of Genoa, Genova, Italy

    Michele Siri

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Siri, M. (2017). Corporate Governance of Insurance Firms After Solvency II. In: Marano, P., Siri, M. (eds) Insurance Regulation in the European Union. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-61216-4_7

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  • DOI: https://doi.org/10.1007/978-3-319-61216-4_7

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  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-319-61215-7

  • Online ISBN: 978-3-319-61216-4

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