Section 105 – Contents of corporate governance annual disclosure.

• (1)
  • (a) A corporate governance annual disclosure shall include information sufficient to provide the commissioner a clear understanding of the insurer’s or insurance group’s corporate governance structure, policies, and practices.
  • (b) An insurer or insurance group has discretion to determine the information the insurer or insurance group includes in a corporate governance annual disclosure, provided the information complies with Subsection (1)(a).

• (2) The commissioner may request additional information that the commissioner determines material and necessary to provide the commissioner with a clear understanding of the insurer’s or insurance group’s:
  • (a) corporate governance policies;
  • (b) reporting and information systems; or
  • (c) controls implementing the items described in Subsection (2)(a) or (b).

• (3) An insurer or insurance group shall maintain and make available upon request of the commissioner:
  • (a) documentation; and
  • (b) supporting information.

Enacted by Chapter 193, 2019 General Session