Role Definitions in Corporate Governance
- Clearly defines the roles of the board of directors, chairman, and non-executive directors.
- Emphasizes the distinct functions and responsibilities of each position to enhance governance effectiveness.
Director Appointment and Evaluation Procedures
- Introduces a rigorous procedure for the appointment of directors to ensure qualified leadership.
- Requires a formal evaluation of the board’s overall performance and that of individual directors.
Self-Assessment and Reporting Requirements
- Incorporates a Self-Assessment Questionnaire focused on adherence to various principles of good governance.
- Insurance companies and intermediaries must submit the completed questionnaire to the Insurance Commission within one (1) month after each semester.
Enforcement and Compliance
- The code is issued by the Insurance Commission and is mandated for strict compliance by all covered entities.
- Non-compliance may lead to regulatory actions, ensuring adherence to established governance standards.
Additional Notes
- The Code replaces an earlier issuance on corporate governance for the insurance sector.
- The full text is available at the Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.