§ 23-63-2001. Title
This subchapter shall be known and may be cited as the “Corporate Governance Annual Disclosure Act”.
§ 23-63-2002. Purpose — Intent
(a) The purpose of this subchapter is to: (1) Provide the Insurance Commissioner a summary of the corporate governance structure, policies, and practices of an insurer or insurance group to allow the commissioner an opportunity to gain and maintain a better understanding of the corporate governance framework of an insurer operating in this state; (2) […]
§ 23-63-2003. Definitions
As used in this subchapter: (1) “Corporate governance annual disclosure” means a confidential report filed by an insurer or insurance group made according to this subchapter; (2) “Insurance group” means those insurers and affiliates included within an insurance holding company system as defined in the Insurance Holding Company Regulatory Act, § 23-63-501 et seq.; (3) […]
§ 23-63-2004. Submission of corporate governance annual disclosure to Insurance Commissioner required
(a) (1) On or before June 1 of each calendar year, an insurer, or the insurance group of which the insurer is a member, shall submit a corporate governance annual disclosure to the Insurance Commissioner. (2) The corporate governance annual disclosure required under subdivision (a)(1) of this section shall contain the information described in § […]
§ 23-63-2005. Corporate governance annual disclosure
(a) (1) The insurer or insurance group shall have discretion over the responses to the corporate governance annual disclosure inquiries or questions if the corporate governance annual disclosure contains the material information necessary to permit the Insurance Commissioner to gain an understanding of the insurer’s or insurance group’s corporate governance structure, policies, and practices. (2) […]
§ 23-63-2006. Confidentiality
(a) Documents, materials, or other information, including the corporate governance annual disclosure, in the possession or control of the State Insurance Department and obtained by, created by, or disclosed to the Insurance Commissioner or any other person under this subchapter, is recognized by this state as being proprietary and containing trade secrets. (b) (1) The […]
§ 23-63-2007. Third-party consultants
(a) The Insurance 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 corporate governance annual disclosure and related information or the insurer’s compliance with this subchapter. (b) A […]
§ 23-63-2008. Penalties
(a) An insurer failing, without just cause, to timely file the corporate governance annual disclosure as required under this subchapter shall be required, after notice and hearing, to pay a penalty of one hundred dollars ($100) for each day’s delay, payable to the Insurance Commissioner, and the penalty recovered shall be paid into the General […]
§ 23-63-2009. Severability clause
(a) Except for § 23-63-2007 or the application of § 23-63-2007 to any person or circumstance, if any provision of this subchapter is held invalid, the determination shall not affect the provisions of this subchapter that can be given effect without the invalid provision or application. (b) With the exception of § 23-63-2007, this subchapter […]
§ 23-63-2010. Rules
(a) The Insurance Commissioner shall promulgate rules necessary to implement this subchapter. (b) (1) When adopting the initial rules to implement this subchapter, the final rule shall be filed with the Secretary of State for adoption under § 25-15-204(f): (A) On or before January 1, 2020; or (B) If approval under § 10-3-309 has not […]