HOUSTON–After wrestling with a corporate governance data collection for some time, the National Association of Insurance Commissioners is moving forward with a new model law to facilitate the annual collection of confidential information on insurers' corporate governance practices.
Having a corporate governance mechanism for annual reporting of corporate governance practices of insurers provides the NAIC governance standards and practices consistency with international standards in that they can be implemented and uniformly reviewed across the United States.
One of the standards of the internationally established Insurance Core Principles (ICPs) to which the U.S. system generally adheres requires adequate top-level controls, checks, structures in place and also to effectively communicate them in an extensive fashion and detail with supervisors and others.
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