Insurers Must Brace For New Corp. Governance Disclosures

Law360, New York (March 22, 2016, 10:35 AM EDT) -- William D. Goddard

Daniel J. Raccuia The Corporate Governance Annual Disclosure Model Act and Model Regulation have been adopted by the National Association of Insurance Commissioners (NAIC) and have been passed into law by five states: California, Indiana, Iowa, Louisiana and Vermont. Other states are expected to follow suit in the near future.

The model act provides for extensive annual disclosures about corporate governance procedures, usually to the lead state regulator for an insurance group. The model act itself does not provide extensive detail about the contents of these corporate governance annual disclosures (CGAD), instead referring to the model regulation. The...

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