Understanding the NAIC’s Corporate Governance Model Law and Regulation in 2015
In August 2014, the National Association of Insurance Commissioners’ (NAIC)finalized a Corporate Governance Annual Disclosure Model Act and the supporting Model Regulation (Corporate Governance Model Law and Regulation). This 5 year project was part of the Solvency Modernization Initiative, which included forming of a Corporate Governance (E) Working Group (CGWG) to study and compare existing governance requirements for US insurers in adhering to established best practices, international standards, and US regulations. Domestic insurers will be required to submit a Corporate Governance Annual Disclosure (CGAD) by June 1 each year.
The Knowledge Group has assembled a panel of key thought leaders to provide the audience with an in-depth analysis to help the audience inUnderstanding the NAIC’s Corporate Governance Model Law and Regulation in 2015 and beyond. The panel of speakers will review existing and new governance requirements for US Insurers and establish best practices for compliance with US regulations.
Key issues include that will be covered in this course are:
- Corporate Governance Annual Disclosure Model Act and Regulation – An Overview
- Solvency Modernization Initiative (SMI)
- New Disclosure Requirements
- Recommendation for Accreditation Standard
- Policies and Best Practices
- Up-to-Minute Regulatory Guidance
Debevoise & Plimpton LLP
- Overview of the NAIC Corporate Governance Annual Disclosure Model Act and Regulation
- Required disclosure and the ability to cross-reference other disclosure (e.g. ORSA reports, SEC proxy statements)
- Filing requirements
- CEO / corporate secretary attestation
- Role of an insurance group’s lead state
- Confidentiality and sharing by the NAIC
- Regulators’ use of third-party consultants
- Penalties for non-compliance
- Corporate governance as a key component of the Solvency Modernization Initiative
- Next steps and the process for the Corporate Governance Annual Disclosure becoming an accreditation standard
Who Should Attend:
- Financial Officers
- Insurance Attorneys
- Insurance Carriers
- Insurance Advisers
- Insurance Agencies
- Governance Lawyers
- Corporate Governance
- Other Related/Interested Professionals and Organizations
Mr. Hamilton is a partner in Mayer Brown’s Corporate and Securities practice and Insurance Industry Group. He focuses his practice on mergers, acquisitions, corporate governance and regulatory compliance of insurance companies, both in the United States and in offshore markets. In addition, he regularly represents insurance company issuers in connection with public and private offerings of equity, fixed-income and hybrid securities. Mr. Hamilton has a 50-state insurance regulatory practice and also speaks and writes regularly in the field of insurance regulation. Mr. Hamilton graduated, with honors, from the University of Chicago Law School in 1996 and was admitted to the Illinois Bar in 1996.
Mr. Hamilton is a partner in Mayer Brown’s Corporate and Securities practice and Insurance Industry Group. He focuses his practice …
Marilyn A. Lion is a partner in Debevoise & Plimpton LLPs New York office and is a member of the Corporate Department and the Financial Institutions Group. She focuses on corporate transactions in the insurance industry, including mergers and acquisitions and financing transactions, as well as insurance and reinsurance regulatory matters.
Ms. Lion joined the firm in 2005. She received a J.D. from Harvard Law School in 2005. Ms. Lion received a B.A. summa cum laude in Mathematics from the University of Pennsylvania in 2001. Prior to law school, Ms. Lion worked as an actuarial associate at AXA Equitable Life Insurance Company.
Marilyn A. Lion is a partner in Debevoise & Plimpton LLPs New York office and is a member of the …
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Method of Presentation:
NASBA Field of Study:
Specialized Knowledge and Applications
NY Category of CLE Credit:
Areas of Professional Practice
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About Mayer Brown
Mayer Brown has one of the leading global insurance industry practices, representing nearly 400 insurers and insurance-related entities in transactional, regulatory and dispute resolution matters across the Americas, Asia and Europe.
Across global markets, Mayer Brown represents insurers and reinsurers, as well as brokers, banks, and investors, in a range of litigation and alternative dispute resolution matters; investigations and enforcement matters; and transactional matters that include mergers and acquisitions, capital raising, and sophisticated insurance structured finance at the convergence of insurance markets and the broader capital markets. Drawing upon Mayer Brown’s diverse capabilities, we take a team-oriented and interdisciplinary approach to better serve our insurance industry clients.
About Debevoise & Plimpton LLP
Debevoise & Plimpton LLP is a premier international law firm that has focused on the global insurance industry for over half a century. Debevoise has recognized and market leading practices in many areas that are key to the industry, including mergers & acquisitions, which includes public and private company transactions and reinsurance transactions; finance, capital markets and risk transfer; corporate governance; insolvency and restructurings; all manner of regulatory and enforcement matters; and dispute resolution and litigation. Our clients span the range of participants in the industry, including insurers, reinsurers, hedge funds, private equity funds and other capital providers, intermediaries and significant industry associations located predominately in the U.S., Europe, Bermuda and Asia. We have more than 80 corporate, regulatory, restructuring, tax, litigation and executive compensation partners and counsel who spend all or most of their time advising on matters involving the insurance industry.