
INSIGHTS FOR INSURANCE COMPANIES	JULY 11, 2014

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Eide Bailly is a top 25 CPA firm in the nation, serving more than 400 insurance companies. Eide Bailly is consistently ranked among the Top 10 in the United States by A.M. Best for the Amount of Statutory Premiums Audited.

Insurance Insights is published quarterly to keep our clients and business friends informed on current news.

Update on the NAIC Required Annual Corporate Governance Disclosure Act

Beginning with the announcement of the National Association of Insurance Commissioner's (NAIC) Solvency Modernization Initiative in June 2008, various projects have been underway at the NAIC to review corporate governance principals for use in U.S. insurance regulation and to develop regulatory guidance, including detailed best practices, for the corporate governance of insurers. In April of 2013, the Corporate Governance Working Group began development of the Corporate Governance Annual Disclosure Model Act and Model Regulation. A NAIC Corporate Governance Annual Filing Guidance Manual was also developed. These documents were exposed and comments discussed throughout 2013 and into 2014.

The most recent conference call of the Corporate Governance Working Group on July 1, 2014, finalized comments to the current drafts of the Model Act and Model Regulation. The two drafts were approved to be presented in their final form to the Task Force at the NAIC Summer National Meeting in August 2014.

Once the Models are approved and finalized, the Financial Regulation Standards and Accreditation (F) Committee will need to review and determine any related required changes necessary to be made in the current accreditation program. The following sections of this article provide a summary of the Corporate Governance Model Act and Model Regulation as of July 1, 2014.

Click here to read the entire article.

For more information, contact your local Eide Bailly representative.

Principal, Insurance Regulatory

Rick Nelson, CFE, CIE

Principal, Director of Insurance Regulatory Services

207.929.2063
rnelson@eidebailly.com

This publication is produced and published by Eide Bailly and distributed with the understanding that the information contained does not constitute legal, accounting or other professional advice. It is not intended to be responsive to any individual situation or concerns as the contents of the publication are intended for general informational purposes only. Readers are urged not to act upon the information contained in this publication without first consulting competent legal, accounting or other professional advice regarding implications of a particular factual situation. Questions and information for publication can be submitted to your Eide Bailly representative. To request reprints of this publication, send a written request to RequestReprints@eidebailly.com.
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