Corporate Governance in the European Insurance Industry

Ornella Ricci gained her PhD at Tor Vergata University, Italy, and is currently Assistant Professor of Banking and Finance in the Department of Business Studies at the University of Roma Tre, Italy. Her main research interests focus on insurance and bank assurance; strategic alliances and M&A in the financial services industry; corporate governance; household finance and financial literacy.

• 1. The Academic Perspective 1.1. Alternative Organizational Structures In The Insurance Industry 1.1.1. The Ownership Structure As A Response To Agency Problems 1.1.2. The Managerial Discretion Hypothesis 1.2. Internal Corporate Governance 1.2.1. Board Of Directors (Bod): Composition And Organization 1.2.2. Management Compensation, Ownership, And Turnover 1.3. External Corporate Governance 1.3.1. Block-Holders And Institutional Investors 1.3.2. Non-Equity Stakeholders 1.3.3. Market Discipline 1.3.4. Proxy Contests And Takeovers 2. The Regulatory Perspective 2.1. The Impact Of The Global Financial Crisis On The Insurance Industry 2.2. Are Insurers Systemically Relevant? 2.2.2. The Identification Of Globally Systemically Important Insurers (G-Siis) 2.3. The Regulatory Response - Non-Binding Guidelines From International Organizations: IAIS And OECD 2.3.1. The 2004 IAIS Principles And The 2005 OECD Guidelines 2.3.2. The Revision Of IAIS And OECD Principles After The Crisis 2.4. The Regulatory Response - The EU Regulatory Intervention 2.4.1. The CRD IV Provisions On Corporate Governance 2.4.2. The System Of Governance Under Solvency II 2.4.3. Heterogeneity Across EU Member States