حوكمة شركات التأمين في فلسطين رسالة ماجستير

Abstract

Insurance companies are considered among the most important companies in the non banking financial sector in the State of Palestine, which perform a dual role: they are service services, providing insurance services to those who request them, and financial, as they collect and accumulate funds from the insured, as their work is based on the funds they receive from their clients, which they invest and employ. Therefore, it is Here the importance of insurance company governance has emerged, as it provides confidence to investors, shareholders, and other stakeholders that the funds will be used properly and will not be misused by the board of directors, key managers, executives, or major shareholders of the companies, but rather will be used in a proper manner that considers the interests of all parties. In addition, the absence of governance means corruption, so we find it important to highlight governance to reduce the risks related to financial and administrative corruption that companies face, in a way that works to strengthen and stabilize the economy, attract investors, and prevent collapses in insurance companies. The study addressed the issue of governance in insurance companies in terms of its concept, objectives, and standards that companies must apply. During the study, the researcher addressed the standards and principles issued by the OECD/G20, the role of the Capital Market Authority in promoting and establishing principles of governance in the insurance sector, and the role of the board of directors of companies. Insurance in activating the principles of governance and the extent of its commitment to implementing them and the committees emanating from it, in addition to the role of both the internal and external auditor in monitoring the work of insurance companies, so that the focus was on the annual reports for the year 2022 and the standards of disclosure and transparency. The study also addressed the internal and external mechanisms for the governance of insurance companies. The researcher also conducted an applied study on insurance companies operating in Palestine to measure the extent of insurance companies’ commitment to applying governance principles by distributing a questionnaire to them. The obstacles and challenges facing 128 insurance companies in implementing governance were also discussed, and appropriate mechanisms and solutions were developed to address the problems they faced, the most important of which are: There is a deficiency in Palestinian laws and legislation, a defect in the organization of internationally recognized corporate governance principles applied to insurance companies, and a deficiency on the part of the Capital Market Authority in following up on insurance companies’ application of governance principles. At the end of the study, the researcher reached the most important results, which is that the Palestinian legislator regulated technical matters and compensation within the articles of the Insurance Law, and administrative matters within the articles of the Companies Law. The Capital Market Authority also used the gradual method in implementing the optional rules in the Governance Code and has not set a timetable since 2009. To date, in addition to the failure of insurance companies to implement and implement the provisions of Decree Law No. (42) of 2021, the insurance companies have disclosed in the annual report for the year 2022 that they will adhere to what was stated in the Decree Law in the year 2023, and companies vary. Insurance is required to disclose its non-financial data in annual reports, in addition to the failure of insurance companies to implement the optional rules contained in the Corporate Governance Code issued by the National Committee, and they have not explained the reasons for non-compliance in the annual reports. The most important recommendations reached by the researcher were the need for the Palestinian legislator to work on issuing a new insurance law whose articles include all administrative, technical, and financial aspects, compensation, mergers, acquisitions, and liquidation operations, and for it to keep pace with all international developments and developments and be compatible with the standards set by the OECD\G20, It should include all standards of financial and non-financial disclosure, transparency, fairness, conflicts of interest, risk management, and the number and composition of the board of directors, provided that the number of independent members does not exceed half in insurance companies. It also includes accountability and the rights of shareholders, investors, and other stakeholders, so that the law includes a chapter on fines and violations that are imposed. It is imposed in the event that insurance companies violate any of the provisions of the Insurance 120 Law, especially those related to the governance of insurance companies, in addition to the necessity of strengthening the role of the Capital Market Authority in establishing governance principles and providing all financial and administrative resources for the Authority to carry out its work, granting it full powers and ensuring its independence, and issuing a governance code. New policies that are compatible with the laws and work environment of insurance companies operating in Palestine and are obligated to implement them in accordance with the provisions of the law