Changing Regulatory Landscape

Gauging the Impact of the Corporate Governance Annual Disclosure Model Act and Regulation

Insurance company executives— controlling owners, directors and officers—are used to the scrutiny and standards of fiduciary care that may apply to their positions. The standards that apply can be complicated for insurer senior management, who also have responsibilities related to their shareholders as well as obligations to the policyholders of the company. As part of its overall solvency modernization initiative, the National Association of Insurance Commissioners (NAIC) has been studying the states’ general corporate fiduciary standards and working on model corporate governance disclosures that will apply to insurers and/or their holding companies. These disclosure standards create additional levels of review and possible oversight by the states as they are adopted in the years to come.

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