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NAIC adopts new corporate governance disclosure rule; Trouble brewing for insurers?

New rules from the National Assoc. of Insurance Commissioners would give regulators greater insight into insurers corporate-governance practices.

By Joseph Jaafari | Updated on August 25, 2014

New rules have been adopted by the National Association of Insurance Commissioners’ Financial Condition Committee that would allow regulators to gain greater insight into insurers’ corporate-governance practices.

The model act—the Corporate Governance Annual Disclosure (CGAD) Model Act—calls for U.S. insurers to provide “a detailed narrative describing governance practices to their lead state or domestic regulator by June 1 of each year,” the NAIC says, adding that “strict confidentiality measures” would be in place to protect the confidential and sensitive information insurers would be providing.

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