The nation's insurers need to shrink the size of their boards and make their membership more knowledgeable in order to manage effectively and satisfy the demands of regulators, according to a report by Moody's Investors Service.
New York-based Moody's ratings service observations came in a report on corporate governance titled "No Assurance of Good Governance: Observations on Corporate Governance in the U.S. Insurance Sector."
The report said companies are facing significant pressure from a number of regulatory probes. The probes cover such issues as finite risk, conflicts of interest and mutual funds. These investigations have put the spotlight on the manner in which the boards ensure that compliance and governance processes are in place.
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