WASHINGTON BUREAU — An arm of the National Association of Insurance Commissioners (NAIC) has agreed to add a discussion of the differences between the U.S. approach to corporate governance regulation and various international approaches to a key draft document.
The Corporate Governance Working Group at the NAIC, Kansas City, Mo., talked about the draft, of corporate governance requirements within U.S. insurance regulation, recently during a conference call that was scheduled to replace an in-person session knocked out by Hurricane Irene.
The working group plans to add the comparison of the U.S. and international approaches to the document introduction.
The working group also agreed to insert guidance discussing how exceptions to corporate governance standards are dealt with throughout the U.S. solvency framework, according to an NAIC meeting summary.
The working group decided to combine the draft of corporate governance requirements within U.S. insurance regulation with interested parties’ work on general corporate governance requirements that apply to U.S. insurance entities.
The decisions come during an active month of meetings, when regulators are traveling abroad and in Washington to talk about international solvency standards with insurance industry representatives from countries such as Canada and Japan.