In this chapter, we provide an updated synthesis of the most recent literature and empirical research on the nature and consequences of corporate governance in the insurance industry. The review explores key corporate governance mechanisms such as the board of directors, independent directors, Directors and Officers (D&O) insurance, internal controls, regulatory oversight, disclosure, ownership structure and shareholder rights. The review discusses the impact of these mechanisms on firm performance, default risk, and risk-taking among other outcomes. This chapter concludes by discussing the implications for policymakers, regulators, and industry practitioners and identifies avenues for future research.