“What arrangements have other companies adopted for the approval of group insurance policies (including professional indemnity cover) – in particular, are the policies subject to PLC board approval or can they be approved by subsidiary boards?”
Our are subject to PLC board approval – which is in line with the ICSA matters reserved for the board best practice policy/guidance.
FTSE250said
In terms of specific reviews, the Audit Committee reviews the Uninsured Risks and the Board considers the level of D&O cover that is bought for the Group’s officers. Uninsured risks, effectively, deals with any deficiencies in existing cover as well as perceived by the broker.
The precise cover for EL and PL is effectively determined by the Co Sec in consultation with the CEO and FD.
We only buy PI for a few companies who require it.
FTSE SMALL CAPsaid
The Board approves in principle the levels of cover and then the Co Secretary looks after the placings etc, reporting to the CEO.
FTSE250said
A summary of the renewal report from the broker is circulated to the Board for approval. However, the details are dealt with by the FD and the Company Secretary
FTSE SMALL CAPsaid
The board approves the structure of the renewal programme – insurer, cover, self insurance elements (and especially any significant changes in cover) – and the Co Sec then implements the renewal in detail, keeping the FD fully informed.
FTSE250said
Approval of our insurance arrangements is a matter for our Group Board. The level of cover, excess and premium together with the structure of the programme (i.e. insured or self-insured) and identity of insurers are all matters for approval by the Board. Approval of the granular detail is delegated to a committee normally comprising 2 executive directors.
FTSE SMALL CAPsaid
Approval for insurance renewal is with the CEO and FD albeit with the ratification of the board and with the Company Secretary responsible for dealing with the broker and all administrative matters and information provision requirements.
Overseas programmes are administered locally but subject to a framwework set by the CEO and FD and subject to the same ratification by the group board.
FTSE250said
THe risk management process is reviewed by the Audit Committee in December each year, at which time an indication is given on the insurance market and likely outcome given renewal on 31 December. A full risk review is undertaken at a January Board meeting, to include ratifying the renewal already effected. Responsibility for the renewal is with the Company Secretary, although the CEO and FD are aware of any exceptional changes proposed to the programme, and, of course, must approve the budget.
In previous experience in international groups, local subsidiaries were only allowed to effect locally required national insurances – they had no influence over global policies
Our are subject to PLC board approval – which is in line with the ICSA matters reserved for the board best practice policy/guidance.
In terms of specific reviews, the Audit Committee reviews the Uninsured Risks and the Board considers the level of D&O cover that is bought for the Group’s officers. Uninsured risks, effectively, deals with any deficiencies in existing cover as well as perceived by the broker.
The precise cover for EL and PL is effectively determined by the Co Sec in consultation with the CEO and FD.
We only buy PI for a few companies who require it.
The Board approves in principle the levels of cover and then the Co Secretary looks after the placings etc, reporting to the CEO.
A summary of the renewal report from the broker is circulated to the Board for approval. However, the details are dealt with by the FD and the Company Secretary
The board approves the structure of the renewal programme – insurer, cover, self insurance elements (and especially any significant changes in cover) – and the Co Sec then implements the renewal in detail, keeping the FD fully informed.
Approval of our insurance arrangements is a matter for our Group Board. The level of cover, excess and premium together with the structure of the programme (i.e. insured or self-insured) and identity of insurers are all matters for approval by the Board. Approval of the granular detail is delegated to a committee normally comprising 2 executive directors.
Approval for insurance renewal is with the CEO and FD albeit with the ratification of the board and with the Company Secretary responsible for dealing with the broker and all administrative matters and information provision requirements.
Overseas programmes are administered locally but subject to a framwework set by the CEO and FD and subject to the same ratification by the group board.
THe risk management process is reviewed by the Audit Committee in December each year, at which time an indication is given on the insurance market and likely outcome given renewal on 31 December. A full risk review is undertaken at a January Board meeting, to include ratifying the renewal already effected. Responsibility for the renewal is with the Company Secretary, although the CEO and FD are aware of any exceptional changes proposed to the programme, and, of course, must approve the budget.
In previous experience in international groups, local subsidiaries were only allowed to effect locally required national insurances – they had no influence over global policies