20-492. Definitions In this article, unless the context otherwise requires: 1. " Corporate governance annual disclosure" or " CGAD" means a confidential report that is filed by the insurer or insurance group and that is made in accordance with the requirements of this article. 2. " Insurance group" means those insurers and affiliates included within […]
20-492.01. Disclosure requirements A. By June 1 of each calendar year, an insurer, or the insurance group of which the insurer is a member, shall submit to the director a corporate governance annual disclosure that contains the information described in section 20-492.03. Notwithstanding any request from the director made pursuant to subsection C of this […]
20-492.02. Rules and orders On notice and an opportunity for all interested persons to be heard, the director may adopt rules and issue orders necessary to carry out this article.
20-492.03. Contents of corporate governance annual disclosure A. The insurer or insurance group has discretion over the responses to the CGAD inquiries, if the CGAD contains the material information necessary to allow the director to gain an understanding of the insurer’s or insurance group’s corporate governance structure, policies and practices. The director may request additional […]
20-492.04. Confidentiality A. Documents, materials or other information, including the CGAD, that are in the possession or control of the department and that are obtained by, created by or disclosed to the director or any other person under this article are recognized by this state as being proprietary and containing trade secrets. All such documents, […]
20-492.05. Third-party consultants; confidentiality standards A. The director may retain, at the insurer’s expense, third-party consultants, including attorneys, actuaries, accountants and other experts not otherwise a part of the director’s staff, as may be reasonably necessary to assist the director in reviewing the CGAD and related information or the insurer’s compliance with this article. B. […]
20-492.06. Civil penalties If an insurer fails without just cause to timely file the CGAD as required in this article, after notice and a hearing, the director may impose a civil penalty of $20 for each day’s delay not to exceed $2, 500. The director shall collect the civil penalty and deposit the monies in […]
