EU Insurers Warn Over 'Silos' In Corporate Governance

Law360, London (March 31, 2021, 3:23 PM BST) -- European insurers have warned national regulators against taking a one-size-fits-all approach to how internal governance functions should be divided up at a company level.

Insurance Europe said on Tuesday that a strict division between internal audit, risk management and other so-called control functions within a business risked creating "silos."

The Brussels-based lobby group was responding to a consultation by the International Association of Insurance Supervisors, a standards body for national regulators such as the Financial Conduct Authority. The consultation, which ended on March 26, offered guidance for regulators on what constitutes best practice in the corporate structure of insurance companies....

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