As used in this article, unless the context requires a different meaning: “Commissioner” means the chief insurance regulatory official of a state, however designated. “Corporate Governance Annual Disclosure” or “CGAD” means a confidential report filed by the insurer or insurance group made in accordance with the requirements of this article. “Insurance group” means those insurers […]
A. The requirements of this article shall apply to all insurers domiciled in the Commonwealth. An insurer, or the insurance group of which the insurer is a member, shall, no later than June 1 of each calendar year, submit to the Commission a Corporate Governance Annual Disclosure that contains the information described in subsection B […]
A. The insurer or insurance group shall have discretion over the responses to the CGAD inquiries, provided that the CGAD shall contain the material information necessary to permit the Commission to gain an understanding of the insurer’s or insurance group’s corporate governance structure, policies, and practices. The Commission may request additional information deemed material and […]
A. The CGAD is recognized by the Commonwealth as containing confidential and sensitive information related to an insurer or insurance group’s internal operations. This information includes proprietary and trade secret information that has the potential for harm and competitive disadvantage to the insurer or insurance group if the information is made public. The CGAD shall […]
A. The Commission may retain, at the insurer’s expense, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the Commission’s staff as may be reasonably necessary to assist the Commission in reviewing the CGAD and related information or the insurer’s compliance with this article. B. Any persons retained under subsection […]
The Commission may adopt rules and regulations implementing the provisions of this article. 2017, c. 643.
Any insurer failing, without just cause, to timely file the CGAD as required in this article shall be subject to the enforcement and penalty provisions set forth in Chapter 2 (§ 38.2-200 et seq.). 2017, c. 643.
