§ 8507. Confidentiality.
§ 8507. Confidentiality. (a) Documents, materials or other information including the CGAD, in the possession or control of the Department that are obtained by, created by or disclosed to the Commissioner or any other person under this chapter, are recognized by this State as being proprietary and to contain trade secrets. All such documents, materials […]
§ 8508. NAIC and third-party consultants.
§ 8508. NAIC and third-party consultants. (a) The Commissioner may retain, at the insurer’s expense, third-party consultants, including attorneys, actuaries, accountants and other experts not otherwise a part of the Commissioner’s staff as may be reasonably necessary to assist the Commissioner in reviewing the CGAD and related information or the insurer’s compliance with this chapter. […]
§ 8509. Sanctions.
§ 8509. Sanctions. Any insurer failing, without just cause, to timely file the CGAD as required in this chapter shall be required, after notice and hearing, to pay a penalty of $500 for each day’s delay, to be recovered by the Commissioner and the penalty so recovered shall be paid into the General Fund. The […]
§ 8510. Severability clause.
§ 8510. Severability clause. If any provision of this chapter other than § 8507 of this title, or the application thereof to any person or circumstance, is held invalid, such determination shall not affect the provisions or applications of this chapter which can be given effect without the invalid provision or application, and to that […]
§ 8511. Effective date.
§ 8511. Effective date. The requirements of this chapter shall become effective on January 1, 2018. The first filing of the CGAD shall be in 2018. 81 Del. Laws, c. 119, § 1;
§ 8501. Short title.
§ 8501. Short title. This chapter may be cited as the “Corporate Governance Annual Disclosure Act.” 81 Del. Laws, c. 119, § 1;
§ 8502. Purpose and scope.
§ 8502. Purpose and scope. (a) The purpose of this chapter is to: (1) Provide the Commissioner a summary of an insurer or insurance group’s corporate governance structure, policies and practices to permit the Commissioner to gain and maintain an understanding of the insurer’s corporate governance framework. (2) Outline the requirements for completing a corporate […]
§ 8503. Definitions.
§ 8503. Definitions. As used in this chapter, unless the context requires otherwise: (1) “Commissioner.” — The term “Commissioner” shall mean the Insurance Commissioner of this State. (2) “Corporate governance annual disclosure” or “CGAD.” — The term “corporate governance annual disclosure” or “CGAD” shall mean a confidential report filed by the insurer or insurance group […]
§ 8504. Disclosure requirement.
§ 8504. Disclosure requirement. (a) 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 Commissioner a Corporate Governance Annual Disclosure (CGAD) that contains the information described in § 8506(b) of this title. Notwithstanding any request from the Commissioner […]
§ 8505. Rules and regulations.
§ 8505. Rules and regulations. The Commissioner may, upon notice and an opportunity for all interested parties to be heard, issue such rules, regulations and orders as shall be necessary to carry out the provisions of this chapter. 81 Del. Laws, c. 119, § 1;