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11/27/2021 09:08 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20170&cosponId=24569
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House Co-Sponsorship Memoranda

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House of Representatives
Session of 2017 - 2018 Regular Session

MEMORANDUM

Posted: September 18, 2017 12:45 PM
From: Representative Tina Pickett
To: All House members
Subject: Corporate Governance
 
In the near future, I will be introducing legislation to require extensive disclosure of insurance companies’ corporate governance practices.

The National Association of Insurance Commissioners has developed this nationwide model legislation. Each insurer or the insurance group in which the insurer is a member, must submit, a Corporate Governance Annual Disclosure (CGAD) to its lead state or domestic regulator on an annual basis.

In the CGAD, insurers must document highly confidential information about their corporate governance framework, including the structure and policies of their boards of directors and key committees, the frequency of their meetings, and procedure for the oversight of critical risk areas and appointment practices, among other things. Insurers must also disclose the policies and practices used by their board of directors for directing senior management on critical areas, including a description of codes of business conduct and ethics, and processes for performance evaluation, compensation practices, corrective action, succession planning and suitability standards.

This information will be utilized by insurance regulators to understand, review and assess the corporate governance practices of insurers to promote effective oversight on an ongoing basis.

Please join me in co-sponsoring this legislation.



Introduced as HB1848