Insurance Corporate Governance Code 93 was communicated to the insurance industry of Iran in 2017. However, as the only Iranian governmental insurance organization, Iran Insurance Company has a different corporate governance structure in the insurance industry of Iran. The present study aims to propose a good corporate governance model at Iran Insurance Company. This study is applied research in terms of objectives and descriptive-survey research based on a combined methodology in terms of data collection. Semi-structured interviews were performed with fifteen experts. The final model was proposed through thematic analysis and the Delphi model with five components, including board effectiveness, transparency and disclosure, ownership institution, beneficiary management, and monitoring. The model was examined by delivering questionnaires to a total of 201 senior and middle-level managers and agency directors at Iran Insurance Company. The Kolmogorov–Smirnov test was utilized to determine data distribution, while the Kaiser-Meyer-Olkin (KMO) test and Bartlett’s test were used to examine measurement sample suitability. Also, the partial least square (PLS) method was employed for modeling in Smart PLS. The components were ranked through the Shannon entropy approach. The results demonstrated that board effectiveness had the largest importance among other components. The board structure and composition showed the highest weight. Among the components of board effectiveness, the separation of the chairman and CEO had the highest importance.
