This document has been designed to provide some key principles of good governance that can aid decision making at board level at TRAVELLERS INSURANCE and SURETY CORPORATION (TRISCO). The guide builds on previous best practice while recognising the major impact of the current changes to the non-life insurance industry. It is intended to be of interest to existing TRISCO boards, and those responsible for managing governance systems and processes within non-life insurance business.
Purpose of governance
Governance is based on a set of principles that has developed over time to meet new challenges in areas such as: risk, finance, quality, probity, commerce and reputation. The current ‘rules’ and reactions to these challenges can usually be traced back to an initiating principle. Understanding these principles helps those tasked with developing appropriate governance to apply sensible solutions.
Governance initially started to develop as the management of organization’s separated from their ownership. As business grew more sophisticated and more stakeholders became involved in organizations, governance started to develop as a means of looking after their interests. Custom and practice, advisory codes, the law and the compliance requirements of Insurance Commission, other governing bodies, lenders and investors started to shape the governance structures and systems we know today.
Governance should deliver a focus on:
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