Corporate governance is a set of rules through which a business entity is directed and controlled. It encompasses mechanisms governing different relationships between the board of directors, the executive management, shareholders and other stakeholders through establishing specific criteria for traditional and takaful insurance and reinsurance companies to ensure stability of the insurance sector and enhance transparency and protect the rights of shareholders, policyholders and other stakeholders.
What is corporate governance consulting for insurance and reinsurance companies?
It is specialist services intended to assist insurance and reinsurance companies in developing and implementing effective corporate governance frameworks and policies with view to enhancing transparency, responsibility, accountability and sustainability as well as ensuring compliance with regulatory rules and criteria and best practices in the management of businesses.
What are the corporate governance rules issued by Insurance Regulatory Unit?
The Insurance Regulatory Unit (IRU) issued Resolution No. 58 of 2023 dated 06 November 2023 regarding the Issuance of the Corporate Governance Rules, which should be implemented by insurance and reinsurance companies.
Pursuant to Resolution No. 59 of 2023 dated 20 November 2023, the Corporate Governance Rules shall come into effect on 01 January 2025.
What is the added value to insurers and reinsurers from Corporate Governance Consulting Services?
- Ensure regulatory compliance with the law, regulations, resolutions, rules, and instructions issued by the Insurance Regulatory Unit;
- Ensure implementing the relevant up-to-date international standards and practices;
- Promote the stakeholders’ confidence; and
- Utilize the expert knowledge and experiences brought through corporate governance consulting services.
What are the services offered by Baker Tilly Kuwait?
- Preparing/ reviewing and updating the organizational structure
- Preparing/ reviewing and updating the organizational competencies manual
- Preparing/ reviewing and updating charters of the board of directors and board committees
- Preparing/ reviewing and updating the job structure
- Preparing/ reviewing and updating job descriptions
- Preparing/ reviewing and updating processes, policies and procedures manuals
- Preparing/ reviewing and updating the delegation of authority matrix
- Preparing/ reviewing and updating Key Performance Indicators (KPIs) for senior management members