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.
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Elizabeth Festa
Elizabeth Festa is a longtime business and financial services reporter with a specialty in insurance regulatory and legislative coverage at the federal and state level. She is based in Washington, D.C.
