NAIC makes model corporate governance regulation applicable to fraternals

In August 2014, the NAIC is expected to formally adopt a proposed corporate governance model act to apply to fraternal life insurers. It’s an important protective measure, writes Joseph Annotti, who argues that a number of fraternal societies would face an imminent death without the sort of enhanced regulation that compels change and requires them to stay competitive. And yet, some fraternal boards oppose the change, preferring instead to cling to the status quo.