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Kristen Spriggs

Kristen Spriggs
Vice President, Member Development

Telephone: 317.875.5250
Toll-Free: 800.336.2642 ext. 1034
kspriggs@namic.org

Customized Governance Programs

Available Courses


NAMIC’s goal is to assist mutual insurance company board members and management by providing essential tools and resources needed to address the complex issues and risks involved in governing in today’s business environment. These resources are provided with unique perspectives and elements designed for the insurance industry in general and for mutual insurance companies in particular. Courses include: (Select a title from below to view the course description)

Why is Governance Important?

Corporate Governance & Role of the Board

Basic Understanding of Financial Statements

Investment Perspectives for Directors

Legislative and Regulatory Environment

Reinsurance

Succession Planning & Management

Enterprise Risk Management (ERM) Practices

Executive Compensation

Board Succession Planning

The Board’s Role in Strategic Planning

Board Evaluation

Course Descriptions


Why is Governance Important?
In this session, we will set the stage as to why good governance is critical for company success and address unique issues for mutual insurance companies.

Learning Objective:

Corporate Governance & Role of the Board
This session will serve as our foundation for the entire Boot Camp. We will address the fundamentals of corporate governance for mutuals, understanding your role as a board member including role of management vs. role of a director, term limits, qualifications of board positions, and the importance of independent directors. We will also define a best practices approach and discuss ways to implement those practices.

Learning Objectives:

  • Understanding your role as a board member

  • Defining and implementing a best practices approach to governance

  • Role of management vs. role of a director

    Faculty Members:

Basic Understanding of Financial Statements
This session will cover important income statement items, balance sheet items and a discussion of the key insurance factors that directors should employ to carry out effective oversight.

Learning Objectives:

  • Understanding of the key differences between the major financial reporting standards

  • Proficient in evaluating a typical balance sheet and income statement

  • Discussion and comprehension of key financial statement ratios and factors that are used to strategically measure performance, profitability and risk

  • Ability to identify and effectively engage with management on the key issues related to the organization’s results, position and future direction

    Faculty Member:

Investment Perspectives for Directors
During this session the primary goal will be to give directors an understanding of the key investment issues to be aware of and how a well-constructed investment policy is the key to effective oversight and controls.

Learning Objectives:

  • Understanding of the key investment issues for insurance companies

  • Role and importance of investment policy in creating an effective oversight environment

  • Highlights of effective reporting of investment results

    Faculty Member:

Legislative and Regulatory Environment
Understanding the legislative and regulatory environment and the implications for operating an insurance company is critical for board members. In this high-level session, we will address what a board member needs to know in order to guide a company through the legislative and regulatory landscape.

Learning Objectives:

  • Understand how legislation and regulation affects insurance companies

  • Basic comprehension of the various organization that play a role in developing legislation and regulation

  • Identify the large industry-wide issues that directors should know and how they impact insurers

  • Understanding of the role of state and national trade associations

  • Develop a basic understanding of what companies have to do to comply with legislation and regulation

  • Identification of the types of questions directors should ask management about how various legislation or regulation will impact the company

    Faculty Member:

Reinsurance
We can tailor this session to focus on the basic concepts of the reinsurance transaction and its impact on the bottom line of an insurance company or expand the course to cover more complex elements of the reinsurance relationship and how it is used as an Enterprise Risk Management tool.

Learning Objectives:

  • Reinsurance basics and fundamentals of risk transfer

  • Impact of reinsurance in company operations and financials

  • Data and catastrophe modeling

  • State of the market and competiveness

  • Finite reinsurance and risk transfer

  • Broad overview of rate making and the strategies used by management to establish policy rates

    Faculty Member:

Succession Planning & Management
Succession planning and management (SP&M) is a fundamental tool for the perpetuation of any organization and its key leadership. Well-conceived, systemic, and deliberate SP&M processes do far more for an organization than merely plan for replacements. Strong SP&M processes align organizational goals so that core values are retained and the corporate vision is realized through continued successions.

Learning Objectives:

  • Understand what succession planning and management is and its relevance to an organization’s present and future

  • Understand the organizational implications of succession planning and management

  • Become familiar with the pipeline approach to reviewing potential performance of select individuals in an organization

  • Understand the role of the board in overseeing a systemic approach to succession planning and management

  • Experience decision making using an SP&M case study

  • Be able to infer, the implications for board perpetuation

    Faculty Member:

Enterprise Risk Management (ERM) Practices
This session will explore the concepts of Enterprise Risk Management (ERM): what it is, how companies utilize a strategic ERM policy, ways for a board to monitor, and how to best implement an effective strategy.

Learning Objectives:

  • Understanding of the essential elements of ERM and its importance to the insurance business

  • Identification of company’s risks and the development of a dashboard approach to ERM

    Faculty Member:

Executive Compensation
This session will provide Board members with an overview of executive compensation plans specifically designed for insurance companies. We will discuss how to integrate compensation and business strategies. We will outline the variety of pay elements; the different types of pay plans; how companies use the market, and other methods to establish target compensation levels for executives. We will also discuss how Board members should react to policyholders’ perception that all executives are unjustly paid.

Learning Objectives:

  • Reviewing Today’s Environment

  • Balancing Risk and Compensation

  • Examining Total Compensation’s Philosophy and package to include: Base Salary, Incentives, Performance Objectives, Benefits and Perquisites

    Faculty Member:

Board Succession Planning
This session will focus on understanding the importance of board succession planning as part of a director’s fiduciary duty to the organization and the benefits of a well-defined/orchestrated succession plan; structuring the board to help achieve strategic goals and become future oriented; utilizing a skills assessment to focus recruitment efforts; and creating a process to recruit and attract new board members.

Learning Objectives:

  • Understanding the importance of board succession planning as part of a director’s fiduciary duty to the organization and the benefits of a well-defined/orchestrated succession plan;

  • Structuring the board to help the Mutual achieve its strategic goals and become future oriented

  • Utilizing a skills assessment to focus recruitment efforts; and

  • Creating a process to recruit and attract new board members

    Faculty Member:

The Board’s Role in Strategic Planning
This session will be a discussion on basic principles of corporate governance for a 501(c)(6) organization; the board and its role and functions; the interests that a board member of a mutual insurer must take into account in performing his or her duties; management and its role and functions; the important responsibilities of a board; and considerations are for making you a better board member in the current environment.

Learning Objectives:

  • Understanding the role and duties of board members

  • Understanding the protections and limitations on such protections afforded to board members

  • Understanding the role and duties of management

  • Understanding the protections and limitations on such protections afforded to management

  • Understanding the differences between serving as a director of a for-profit organization and a nonprofit organization

  • The role, structure, and composition of board committees

  • The new governance era for nonprofit organizations

  • Utilizing board evaluations and the Board’s involvement in strategic planning

    Faculty Member:

Board Evaluation
This session focuses on the principles underlying board assessment and development and understanding the risks of assessment if not properly done. In addition to the risks, an assessment of the benefits of board evaluation will be done. We will examine approaches to board evaluation and review the 360 degree evaluation process and board self-assessments. And finally we will discuss providing feedback of the results including feedback to the full board versus feedback to individual directors.

Learning Objectives:

  • Presentation of board composition: Board Evaluations: Why? How? & Now What Do We Do?

  • Understanding the need to conduct board evaluations

  • Acting on the need to conduct board evaluations

  • Completing the process and following through on the results of the board evaluations

  • Is My Board Ready?

    Faculty Members:

Posted: Monday, March 11, 2013 1:04:56 PM. Modified: Monday, March 11, 2013 3:33:54 PM.

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