Charges of NAIC corporate governance problems erupt
December 17, 2013 by Elizabeth Festa
[Washington] — The National Association of Insurance Commissioners (NAIC) Executive Committee meeting erupted into a biting referendum on the NAIC itself Monday, with Connecticut Insurance Commissioner Tom Leonardi motioning to hire an outside firm to conduct a corporate governance review. Leonardi would like the review to address a variety of so-called poor decisions, some by an “Imperial Presidency.”
The motion was rejected by the Executive Committee, and debate was shut down to the full body after many commissioners said a corporate governance review might well be needed, but the proposal should be vetted by the Corporate Governance Committee first.