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Monday, 22nd April 2024
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Corporate governance overhaul on the way Back  
A proposal to change existing structures in life assurance that would see a greater role for the external auditor, while retaining the statutory position of the appointed actuary, has been put forward by the Society of Actuaries in Ireland.
AAccording to Michael Culligan, a director with Life Strategies Consultants, sweeping changes were already underway in the UK life assurance industry following the Equitable Life debacle, and the Penrose Report into the collapse of that company, and that the Society of Actuaries’ proposals are now under consideration by the Irish Financial Services Regulatory Authority (IFSRA). Patrick Neary, prudential director of IFSRA, stressed the importance of achieving excellence in corporate governance, and viewed this as a key responsibility of the board and senior management of a company. He noted that the implementation of Sarbanes Oxley Act, which followed on a number of corporate and accounting scandals in the USA, would see a considerable strengthening of corporate governance structures within companies. He also noted that the regulation of reinsurance activities within the Irish market was being strengthened.

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