Business Unit Asset Liability Committee Sample Clauses

Business Unit Asset Liability Committee. ING US establishes a business unit for each type of insurance product line sold by its affiliated insurance companies. Each such business unit has an asset liability committee (i.e., BU ALC). The BU ALC is responsible for monitoring the BU’s risk management activities, including the Company’s investment activities and use of derivatives. A business unit operates across various companies engaging in a particular line of business. A BU ALC may recommend an appropriate derivative investment strategy with respect to the applicable type of insurance product, which is then applied to the Company with respect to the applicable line of business. The BU ALCs are internal committees of ING US. The BU ALCs will generally meet at least four times per year to receive reports and address risk management activities related to interest rate risk, equity risk, credit risk, and foreign currency risk, as well as other non-market risks that affect the BU. Each BU ALC is comprised of senior officers from IIM and the applicable business unit. The membership of each BU ALC will generally include the Chief Executive Officer, the Chief Financial Officer, and the Chief Insurance Risk Officer of the BU, and senior representatives from IIM portfolio management. The BU ALC members will possess the necessary expertise to assess the Company’s risk management process with respect to derivative transactions for each business product line in which the Company engages and possess the independence to do so without undue influence by those individuals directly involved in the Company’s derivative transactions. Each BU ALC recommends to US Risk Committee (i) any appropriate derivatives strategies with respect to the applicable line of business and (ii) changes to the risk management process with respect to such applicable line of business of the Company. In conjunction with its responsibilities, each BU ALC may direct Client Finance or Risk Management to assemble such data and provide such reports as each BU ALC deems necessary from time to time so as to properly assess the strengths and limitations of the Company’s risk management system with respect the applicable line of business