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 California, Indiana, Iowa, Louisiana and Vermont. Other states are expected to follow suit in the near future.
The Model Act provides for extensive disclosure about corporate governance procedures, usually to the lead state regulator for an insurance group, about
The specific disclosures within those areas will, most likely, be determined by regulation. The NAIC-proposed Model Regulation includes some surprisingly invasive items, such as
The first reports by those insurance groups that have insurance companies domiciled in states that have adopted the Model Act are generally due June 1, but other dates will apply in individual states and will evolve as the law rolls out across state legislatures.
In addition to the Model Act's adoption by California, Indiana, Iowa, Louisiana and Vermont, other states are rapidly moving ahead. For example, measures have been introduced in Rhode Island, where the bill was passed by the House and recommended for passage by a Senate committee, and in Florida, where legislation is pending in both chambers of the legislature to impose reporting by 2018. Pennsylvania's regulator has given passage a high priority.
The NAIC Financial Regulation Standards and Accreditation Committee has recommended a one-year comment period, which began on January 1, as to whether large parts of the Model Act would be required for individual states to be accredited. This move would result in almost all states adopting these provisions and requiring reports from insurers.The exact content of the reports is expected to continue to evolve as we move toward June 1, but insurers should be preparing to share an unprecedented level of detail on corporate governance procedures with insurance regulators annually once the statutes are adopted.
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On September 20, Susan Huntington presented during an educational call-in discussion, "Insurance and Coverage Risk Management Approaches to Address the Opioid Crisis," for the American Health Lawyers Association (AHLA).
On March 8, Bill Goddard will be speaking on "Lessons Learned from ERM, ORSA and Corporate Governance: Identifying and Remedying Weaknesses in Your Company's Risk and Capital Frameworks" at the 14th National Forum on Insurance Regulation, a conference presented by the American Conference Institute (ACI) to be held in New York.
On February 9, Bill Goddard will be speaking on a panel, titled "You've Got to Come Back with Me to The Future: An Ethics Discussion," at the 2018 International Association of Insurance Receivers (IAIR) Insurance Resolution Workshop to be held in Scottsdale, Arizona.
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Day Pitney partner Chase Rogers, former Chief Justice of the Connecticut Supreme Court, was featured in an article, "Retired Judges Establish Fund To Provide Lawyers For Immigrant Families," published by the Hartford Courant.
Chase T. Rogers, former Chief Justice of the Connecticut Supreme Court, was recognized by the Connecticut Council on Freedom of Information (CCFOI) for bringing greater openness to the state's court system.
On May 15, Chase T. Rogers, former Chief Justice of the Connecticut Supreme Court, received the 2018 John M. Bailey Award for Public Service at the Hartford County Bar Association (HCBA) Annual Meeting, which was held at the Bond Ballroom in Hartford, CT.
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