Governance

The "Governance Board" is a decentralized board of trustees responsible for monitoring each InSaaS's insurance pool and ensuring that it is being run in an equitable and transparent manner. The interests of all parties are considered thanks to the decentralized nature of the governing mechanism.

The governance mechanism for each insurance pool within the InSaaS protocol would be responsible for managing and making decisions regarding any modifications to the model or input parameters specific to that pool. This could include decisions related to risk management strategies, risk carrier ratios, and solvency requirements.

The governance mechanism may be composed of various stakeholders, including policyholders, risk carriers, and validators, who can participate in decision-making processes through voting or other forms of participation. The specific governance structure and decision-making processes may vary depending on the specific needs and requirements of the insurance pool.

In addition to the insurance pool-specific governance mechanisms, the InSaaS protocol may also have a global governance structure in place to oversee the long-term development and management of the protocol. This global governance structure could include a board or council responsible for making strategic decisions and setting the overall direction of the protocol.

The global governance structure may be responsible for making decisions related to the onboarding of new insurance pools or products to the protocol, as well as any other matters that impact the entire protocol. This could include decisions related to protocol updates, changes to smart contract functionality, and other matters that impact the overall functioning of the InSaaS protocol.

If there are decisions that need to be made regarding a specific insurance pool and they cannot be resolved within that pool's governance mechanism, the global governance structure may be responsible for making the final decision. This could be done through voting or other forms of participation by the relevant stakeholders.

During the first phase, the overall control of the global governance structure will be with the founding team of InSaaS protocol. This is because it allows us to scale up the product in the right direction and make decisions quickly and efficiently.