National insurance group adopts governance models

The National Association of Insurance Commissioners (NAIC) recently adopted a Corporate Governance Annual Disclosure Model Act

There are new transparency measures by the National Association of Insurance Commissioners (NAIC); the agency recently adopted a Corporate Governance Annual Disclosure Model Act and supporting Model Regulation, which will provide a new way for insurance regulators to receive more additional information annually on the corporate governance practices of U.S. insurers.

The adoption of the new regulations is the culmination of nearly five years of discussion and work regarding regulatory guidance that details best practices for the corporate governance insurers. “This model act was developed to promote regulatory oversight as well as protect the confidentiality of the insurer,” said Susan Donegan, commissioner of the Vermont Department of Financial Regulation and chair of the Corporate Governance Working Group.

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Alexis Harrison

Alexis Harrison is a Connecticut-based writer and public relations professional whose career spans both print journalism and broadcast news. Alexis started her professional life as...

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