Poor governance is top factor in insurer failures – Eiopa
Internal governance and control risks primary cause of 14% of failures
Breakdowns in internal governance were the most cited reason for failures of large European insurers in a study released today (July 17) by the European Union’s industry watchdog.
The European Insurance and Occupational Pensions Authority (Eiopa) said that at troubled large insurers, internal governance and control risks were the primary cause of failures or near-failures in 14% of cases. Next came managerial and staff competence risks, and the underestimating of reserves needed to meet
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