We were delighted to hear from many of you that our recent statewide series of Insurance Company Corporate Governance Workshops with Pennsylvania Deputy Commissioner Stephen Johnson offered valuable information for directors and senior management. Based upon the follow-up questions and requests we have received, we will be circulating a series of e-mails over the upcoming months that share information responsive to some of those requests, as well as information on the status of NAIC adoption and state implementation of new regulatory requirements.

Our first installment, which addresses the Board’s role in corporate compliance and regulation of non-insurer affiliates, is below.

Enterprise Risk - The Board’s Role in Corporate Compliance: Oversight of corporate compliance is part of a Board’s fiduciary duties to the company and an integral part of a company’s enterprise risk evaluation. Appropriate Board oversight of compliance includes (1) assuring the program is adequate and effective for the identified exposures; and (2) timely receipt of information on compliance issues, including reports on material exposures and the company’s ongoing compliance efforts.

Please see full article below for more information.

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Topics:  Board of Directors, Business Conduct Standards, Compliance, Fiduciary Duty, NAIC

Published In: Administrative Agency Updates, Business Organization Updates, Insurance Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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