Do insurers need a CIO?
The UK regulator has proposed five ‘controlled function holders’ for insurers without including a chief investment officer. But the role is too important to overlook, says Scott Eason of Barnett Waddingham
The UK’s Prudential Regulation Authority (PRA) has proposed under its senior insurance manager’s regime that insurance companies must have five ‘controlled function’ holders, namely the chief executive officer (CEO), chief financial officer (CFO), chief risk officer (CRO), head of internal audit and chief actuary.
Notably absent is a named person responsible for the investments of a firm. Given the importance of investment performance to the profitability of firms and the fact that market risk
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