Section 27-1.2-1. – Purpose and scope.

§ 27-1.2-1. Purpose and scope. (a) The purpose of this chapter is to: (1) Provide the insurance commissioner a summary of an insurer or insurance group’s corporate governance structure, policies, and practices to permit the commissioner to obtain and maintain an understanding of the insurer’s corporate governance framework; (2) Outline the requirements for completing a […]

Section 27-1.2-2. – Definitions.

§ 27-1.2-2. Definitions. As used in this chapter: (1) “Commissioner” means the director of the department of business regulation and any assistant to the director. (2) “Corporate governance annual disclosure” (CGAD) means a confidential report filed by the insurer or insurance group made as required by this chapter. (3) “Insurance group” means those insurers and […]

Section 27-1.2-3. – Disclosure requirement.

§ 27-1.2-3. 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 this section and § 27-1.2-5(b). Notwithstanding any request from the commissioner […]

Section 27-1.2-4. – Rules and regulations.

§ 27-1.2-4. Rules and regulations. The commissioner may, in accordance with the administrative procedures act, chapter 35 of title 42, issue such rules, regulations, and orders as shall be necessary to carry out the provisions of this chapter. History of Section.P.L. 2016, ch. 98, § 1; P.L. 2016, ch. 107, § 1.

Section 27-1.2-5. – Contents of corporate governance annual disclosure.

§ 27-1.2-5. Contents of corporate governance annual disclosure. (a) The insurer or insurance group shall have discretion over the responses to the CGAD inquiries, provided the CGAD shall contain the material information necessary to permit the commissioner to obtain an understanding of the insurer’s or group’s corporate governance structure, policies, and practices. The commissioner may […]

Section 27-1.2-6. – Confidentiality.

§ 27-1.2-6. Confidentiality. (a) Documents, materials, or other information, including the CGAD, in the possession or control of the division of insurance 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. Subject to […]

Section 27-1.2-7. – NAIC and third-party consultants.

§ 27-1.2-7. 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. […]

Section 27-1.2-8. – Sanctions.

§ 27-1.2-8. 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 two hundred and fifty dollars ($250) for each day’s delay, to be recovered by the commissioner, and the penalty so recovered shall be paid […]

Section 27-1.2-9. – Severability clause.

§ 27-1.2-9. Severability clause. If any provision of this chapter other than § 27-1.2-6, 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 end the provisions […]