+1 for colonial tunicates; with sponges growing on coral flesh, I tend to give then the benefit of the doubt and trust them to be harmless unless the coral is actively receding from it, but you don't usually want to see tunicates growing on coral flesh (some colonial tunicates are harmfully invasive and may smother the corals they're growing on).
If the tunicates start to grow over the polyps of the coral, that would be a bad sign, but since you mention it has been there for a while and the coral has been fine, that's really the only thing I would look for at this point. If there's concern about it being or becoming harmfully invasive but you want to keep it, I would isolate it on its own rock so it's (theoretically) easier to contain it.