This Pearl Meyer Client Alert explores the National Association of Insurance Commissioners’ (“NAIC”) Model Regulation on corporate governance practices. The NAIC approved the Model Act and Regulations at its 2014 National Meeting in Louisville on August 18, 2014. Considering the volume and content of information in the Model Regulation, early preparation is vital.
The expected effective date of the Model Act is January 1, 2016 and the Corporate Governance Annual Disclosure (“CGAD”) must be filed by June 1st of each year. This means that the first filing must be made by June 1, 2016.
For many private and mutual insurance organizations that have never considered the robust corporate governance frameworks in practice today at public companies, much of the information requested under the CGAD will require significant input from the Board and senior management. Early preparation is vital. Learn:
- Who Must Comply?
- What Does the CGAD Require?
- Approval of Model Regulations at the State Level