Among other responsibilities, the law mentions that the board has to supervise and monitor the operation. Broadly speaking, this means establishing a working compliance tools like code-of-conduct, compliance policies, the use of (company) standards, well-defined responsibilities in the organization, sufficient reporting, etc.
Information about insurance companies and an analysis of the main differencies helps to show
- sufficient care, skill and effort on monitoring
- understanding of the risks involved
- consistency with policyholders
- disciplined and transparent way of operation