IAIS Insurance Core Principles (ICPs) 7.3: 7.3 Board composition, internal practices and powers adequate on an ongoing basis

The Board must at all times have an appropriate number and mix of individuals giving adequate collective competence for the governance structure, internal practices and procedures that support efficient, objective and independent judgement and decision-making, and adequate powers and resources to discharge its duties fully.

Maintained by Gerard BlokdykControl text last updated 21 May 2026

Other controls in ICP 7: Corporate governance – IAIS Insurance Core Principles (ICPs)

7.1 7.1 Clear allocation of roles between Board, Senior Management and control functions; Board oversight of management
7.10 7.10 Senior Management runs operations within the culture and strategy, promotes risk management, compliance and fair treatment, informs the Board and keeps orderly records
7.11 7.11 The insurer demonstrates the adequacy and effectiveness of its governance framework
7.2 7.2 The Board sets and oversees culture, objectives and strategy in the insurer's long-term interest
7.4 7.4 Individual Board Members' duties: good faith, care and diligence, the insurer's and policyholders' interests first, independent judgement, no undue advantage
7.5 7.5 Board oversight of the design and implementation of risk management and internal controls
7.6 7.6 A written remuneration policy that does not induce excessive risk-taking, covering the Board, management, control functions and major risk-takers
7.7 7.7 A reliable financial reporting process with defined roles for Board, management and external auditor

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