§33-52-7. National Association of Insurance Commissioners and Third-Party Consultants
(a) The commissioner may retain, at the insurers expense, third-party consultants, including attorneys, actuaries, accountants and other experts not otherwise a part of the commissioners staff as may be reasonably necessary to assist the commissioner in reviewing the CGAD and related information or the insurers compliance with this article. (b) Any persons retained under subsection […]
§33-52-8. Sanctions
Any insurer failing, without just cause, to timely file the CGAD as required in this article shall be required, after notice and hearing, to pay a penalty of up to $1,000 for each days delay, to be recovered by the commissioner. Any penalty so recovered shall be paid into the General Revenue Fund of this […]
§33-52-9. Effective Date
The requirements of this article are effective on January 1, 2020. The first filing of the CGAD shall be in 2020.
§33-52-5. Filing Procedures
(a) An insurer, or the insurance group of which the insurer is a member, required to file a CGAD by §33-52-3 of this code, shall, no later than June 1 of each calendar year, submit to the commissioner a CGAD that contains the information described in §33-52-4 of this code. (b) The insurer or insurance […]
§33-52-6. Confidentiality
(a) Documents, materials or other information, including the CGAD, in the possession or control of the commissioner that are obtained by, created by or disclosed to the commissioner or any other person under this article, are recognized by this state as being proprietary and to contain trade secrets. All such documents, materials or other information […]
§33-52-4. Contents of Corporate Governance Annual Disclosure
(a) The insurer or insurance group shall be as descriptive as possible in completing the CGAD, with inclusion of attachments or example documents that are used in the governance process, since these may provide a means to demonstrate the strengths of their governance framework and practices. (b) The CGAD shall describe the insurers or insurance […]
§33-52-1. Short Title, Purpose and Scope of Article
(a) This article may be cited as the “Corporate Governance Annual Disclosure Act”. (b) The purpose of this article is to: (1) Provide the commissioner a summary of an insurers or insurance groups corporate governance structure, policies and practices to permit the commissioner to gain and maintain an understanding of the insurers corporate governance framework;
§33-52-2. Definitions
As used in this article: (1) “Board” means the board of directors of an insurer or insurance group.
§33-52-3. Disclosure Requirements
(a) An insurer, or the insurance group of which the insurer is a member, shall annually submit to the commissioner a CGAD that contains the information described in §33-52-4 of this code. Notwithstanding any request from the commissioner made pursuant to subsection (c) of this section, if the insurer is a member of an insurance […]