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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.Day Pitney Advisory
Litigation partner James H. Rotondo and Insurance associate Jason E. Rusche authored the article, "The Litigation Privilege: Immunity for False Pleadings and Discovery Responses?" for the Connecticut Law Tribune.
On June 8, Day Pitney Counsel Elizabeth P. Retersdorf will present at “COVID-19 Litigation: Past, Present and Future,” hosted by the Mutual Service Office.
Day Pitney Alert
Day Pitney Press Release
On March 24, Insurance and Reinsurance Partner Jonathan Zelig was elected President of the Massachusetts Insurance and Reinsurance Bar Association.
On April 8, the firm obtained an appellate victory on behalf of The Hartford.
Day Pitney Press Release
Day Pitney secured a significant victory for those Certain Underwriters at Lloyd's of London ("Lloyd's") who participated as reinsurers on a number of excess-of-loss reinsurance contracts.
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This website may use cookies, pixel tags and other passive tracking technologies, including Google Analytics, to improve functionality and performance. For more information, see our Privacy Policy. By using our website, you are consenting to our use of these tracking technologies. You can alter the configuration of your browser to refuse to accept cookies, but if you do so, it is possible that some areas of web sites that use cookies will not function properly when you view them. To learn more about how to delete and manage cookies, refer to the support instructions for each browser (e.g., see AllAboutCookies.org). You may locate Google Analytics' currently available opt-outs for the web here.