IFAC Response to OECD Draft Recommendations of the Council on Guidelines on Insurer Governance

In this submission, IFAC commends the OECD’s development and revision of guidelines on insurer governance. The sector is a vital part of the global financial system, and governance guidelines and high-level principles for insurers will help support robust performance and market and public credibility.  We note that guidelines are vital, but they cannot alone ensure governance practices are implemented, or that ethical behavior will result. Effective guideline implementation will require careful consideration and support for their promotion and use.