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A uniform law proposed by the National Association of Insurance Commissioners (NAIC) is currently working its way through state legislatures. The Corporate Governance Annual Disclosure Model Act[i] would require American insurers to disclose a wide range of information relating to their governance, performance evaluation systems, compensation and incentive plans, Enterprise Risk Management (“ERM”) plans and codes of ethics and conduct. This article will highlight some of the important features of the NAIC’s model act and illuminate how they are designed to cloak insurer disclosures in secrecy, but at the same time provide compelling evidence of information whose existence insurers have long denied. Discarding the secrecy mandated by the model act and allowing access to the disclosed information will help discourage insurer misconduct long hidden from the insuring public.
[i] http://www.naic.org/store/free/MDL-305.pdf.
James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies…
EXPERIENCE Agent / Broker / Producer Standard of care, underwriting, insurance policy coverage interpretation, claims, good faith, bad faith Property, liability, WC, inland & wet marine, commercial & personal lines, self-insurance, risk management Interpretation of clauses in lease agreements, construction, PEO & other contracts, additional insureds, certificates Help professionals & laypersons understand insurance & risk…
Corporate Counsel is not properly the attorney to specifically respond for the Insurance Company to a suit against the Insurance Company.
Insurance Companies need to strive for competent officers and directors.
If learning is not part of the process, and all that an insurance company is interested in is a decision, any decision, no matter how subjective, then insurers need to have an intercompany coin toss agreement.
On the one hand Insurance Companies invest a lot of money parcing court dicta to discover what the policy might have said in order to change the outcome of the decision, yet on the other hand believes the trial is some sort of Wild West side show and must be avoided at all costs
Nancy Germond’s three decades of risk management experience give her unique insights and abilities as a consultant. An accomplished risk and claims manager, Nancy authored scores of risk-management related articles, White Papers and has presented for organizations like the Public Risk Manager Association (PRIMA) and the Society for Human Resources. She is the Executive Director,…
