At the NAIC’s spring meeting in April, the organization’s Corporate Governance Working Group moved a step closer to implementing new corporate governance requirements for insurance companies by finalizing and adopting a white paper titled “Proposed Responses to a Comparative Analysis of Existing U.S. Corporate Governance Requirements” and receiving approval to develop a new model law.

The white paper gives a glimpse of what might be required in annual reports about an insurer’s corporate governance framework, noting that the filing should discuss four major areas, as well as contain a summary of significant changes from the prior year.