The Information Bank for Insurance Non-Executive Directors in the UK
Today’s regulatory bodies in the UK financial services sector place considerable and increasing demands and expectations upon Non-Executive Directors (NEDs).
Codes of corporate governance, regulations, rule-books and best practice manuals abound, but few exist in one place to offer insurance NEDS (or iNEDs) information that will readily help them to fulfil their onerous duties.
The Worshipful Company of Insurers has addressed this issue by offering this web-based, comprehensive Information Bank, specifically designed for existing or potential NEDs across the UK insurance industry.
It places great emphasis on providing practical help to NEDs; so this guide has adopted a “Question and Answer” approach.
This Information Bank draws attention to the key requirements of a NED and begins with an understanding of the role.
It then asks a series of questions that are relevant “before joining a Board of Directors”. It concentrates on a range of responsibilities “during their time as a NED”. It also addresses some of the problems that might arise “after the NED has been appointed”.
This time-line is organised into five sections, each of which poses a number of questions.
Just click on each question and an answer will be revealed.
Where appropriate, electronic links to websites containing the original source materials, or to authoritative commentaries, have been included.
This Information Bank is structured in a question and answer format. Simply click on the menu bar at the top of the page to access the following topics:
1. Understanding the Role:
2. Before Becoming a NED:
3. Making Sure:
4. The Board in Action:
Current issues that are pertinent to NEDs are addressed within the programme of iNED events (Forums and Workshops) run by The Worshipful Company of Insurers (WCI). Summaries of the most recent iNED Forums and Workshops are to be found within the “Archive” section of this website: www.wci.org.uk