Role of Insurance Board

to ensure Corporate
governance in Insurance
Sector
Presented By:
Rajkishor Yadav
 Corporate governance

 Corporate governance refers to the manner in which a corporation is governed,

directed and managed.

 Corporate governance essentially involves balancing interest of all the

stakeholders, Board of Directors, management team, employees, customers,
suppliers, financial advisors, bankers, government and the community.
Corporate Governance Guidelines
The Board of Directors (‘the Board’) has adopted the Beema Samiti Guidelines on Board
Effectiveness to help fulfil its corporate governance responsibility towards its stakeholders.
 
The Board of Director is the primary stakeholder corporate governance
Size and Composition of the Board

Size and Composition of the Board

 As Per Beema Samiti policy is to have an appropriate mix directors (Non
Executive & Independent) with skills and knowledge in various fields like trade
commerce, insurance industry, legal, government affairs, human resource
management.
Key Board Qualifications

 Alignment with Company culture and value system

 Experience in managing large corporations

 Understanding of industry and operations

 Understanding of trade & Commerce

 Knowledge of Human Resource Management

 Knowledge of Governance and Law

Board Committees

 The committees of Board include Audit Committee, Risk Management and

Investment Committee, Human Resource Committee, Strategic Planning
Committee.
 The role, composition and other details of the aforesaid committees are given
next:
Audit Committee

 The primary objective of the Audit Committee is to monitor and provide an

effective supervision of the Management’s financial reporting process, to
ensure accurate and timely disclosures, with the highest levels of transparency,
and quality of financial reporting.
Risk Management & Investment Committee

 Risk Management is to achieve the company’s objective in strengthening its

financial position, safeguarding interests of stakeholders, enhancing its ability
to continue as a going concern and maintain a sustainable growth.
Human Resource Committee

 The purpose of the Human Resource Committee (‘HRC’) is to oversee the

Company’s nomination process including succession planning for the senior
management and the Board and specifically to assist the Board in identifying,
screening and reviewing individuals qualified to serve as Executive Directors,
Non-Executive Directors and Independent Directors consistent with the criteria
as stated by the Board in its Policy on Appointment and Removal of Directors.
Strategic Planning Committee

 The Committee’s primary purpose is to review and evaluate the business

strategy and recommend to the Board on strategic direction, capabilities and
strategic objectives.
Thank You