What Matters in Corporate Governance? Evidence from the Directors' and Officers' Liability Insurance Market

2008 ◽  
Author(s):  
Stuart L. Gillan ◽  
Christine Panasian
Keyword(s):  
Corporate Governance ◽  
Liability Insurance ◽  
Insurance Market ◽  
Directors And Officers ◽  
What Matters

scholarly journals Operation Car Wash: Impacts on the Executives' Liability Insurance Market

2021 ◽  
Vol 25 (2) ◽  
Author(s):  
Rafael Tonet Rensi ◽  
João Vinícius França Carvalho
Keyword(s):  
Insurance Coverage ◽  
Negative Relationship ◽  
Liability Insurance ◽  
Insurance Market ◽  
Public And Private ◽  
Economic Agents ◽  
Probability Updating ◽  
Legal Context ◽  
Car Wash ◽  
Directors And Officers

ABSTRACT Context: triggered in 2014, the Car Wash Operation (CWO) belongs to a process of changing the legal context, in the sense of greater responsibility and penalization of public and private companies’ decision makers for acts practiced in the exercise of their functions, object of the Directors’ and Officers’ liability insurance coverage (D&O). Objective: to evaluate the relationship between the growth in the revenues of D&O insurance premiums and the developments of the OCW in Brazil, under the hypothesis of a change in the perception of economic agents exposed to risks covered by D&O insurance, in a process known as probability updating. Methods: official monthly data for all active insurers, arranged longitudinally between 2003 and 2017, and using two-stage regression method for panel data. Results: the OCW had a positive effect not only to the probability of offering this type of insurance, but also to increase the volume of D&O premiums; these results are consistent with the probability-updating hypothesis. Conclusion: the OCW resulted in an increase in revenues of D&O premiums, but there was a negative relationship between OCW and the entire insurance market, suggesting significance of this operation in the sector retraction observed since its outbreak.

scholarly journals O contrato de seguro de responsabilidade civil para diretores e gestores na administração pública direta no Brasil

2019 ◽  
Vol 278 (3) ◽  
pp. 87
Author(s):  
Alexandre Marques da Silva Martins ◽  
Osiris Vargas Pellanda
Keyword(s):  
Decision Making ◽  
Risk Management ◽  
Corporate Governance ◽  
Economic Analysis ◽  
Public Administration ◽  
Civil Liability ◽  
Liability Insurance ◽  
Management Tool ◽  
The Public ◽  
Directors And Officers

<p>Directors and Officers Liability Insurance (D&amp;O) contracted by the direct public administration in Brazil</p><p> </p><p>O presente artigo pretende oferecer uma análise sobre os aspectos relacionados com a contratação de seguros de responsabilidade civil para diretores e gestores públicos (D&amp;O) pela administração pública direta no Brasil. Neste contexto, proceder-se-á a uma investigação dos fundamentos do seguro de responsabilidade civil que, por conseguinte, permitirá esclarecer as nuances do D&amp;O cujos beneficiários são diretores e agentes públicos que gozam de alta discricionariedade em processos decisórios. Assim, será demonstrado que, se um governo deseja utilizar de maneira eficiente o D&amp;O, que é uma ferramenta de gerenciamento de risco, é necessária não só a aplicação da análise econômica do direito e de princípios de governança corporativa, mas também de princípios que regem a administração pública em seus negócios jurídicos.</p><p> </p><p>This article aims to analyze the Directors and Officers Liability Insurance (D&amp;O) contracted by the direct public administration in Brazil. In this context, an understanding of the underpinnings of civil liability insurance sheds light on the nuances of the D&amp;O, whose beneficiaries are usually managers and public agents enjoying high-discretion decision-making power. Hence, this study will demonstrate that if a government wishes to make efficient use of D&amp;O, a risk management tool, it is necessary to apply not only the Economic Analysis of the Law and principles of corporate governance but also general principles governing the public administration in its transactions.</p>

Risco Moral nos Contratos de Seguro de Responsabilidade Civil “D&O” (Directors and Officers Liability Insurance)

2017 ◽  
Vol 8 (2) ◽  
pp. 23
Author(s):  
Gabriela Wallau Rodrigues ◽  
Juliana Sirotsky Soria
Keyword(s):  
Liability Insurance ◽  
Directors And Officers

O texto trata dos contratos de seguro de responsabilidade civil sob a modalidade “D&O” (directors & officers liability), recentemente regulamentos pela SUSEP, cujo objeto é a proteção do risco pela responsabilização de administradores de empresas (diretores e conselheiros de administração) em razão de atos cometidos no exercício de suas atividades. O enfoque da pesquisa reside nas cláusulas de afastamento de cobertura pelo cometimento de atos relacionados à corrupção – o que, segundo a lógica aplicada por algumas seguradoras, implicaria no risco moral e no aumento dos casos de violação à legislação anticorrupção. Nesse cenário, é proposta uma análise crítica acerca da cláusula de afastamento de cobertura, notadamente a partir da sua interpretação a partir da eficiência e proporcionalidade. 

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