The purpose of this part 16 is to: Provide the commissioner a summary of each insurer’s and insurance group’s corporate governance structure, policies, and practices to permit the commissioner to gain and maintain an understanding of each insurer’s and insurance group’s corporate governance framework; Outline the requirements for submitting a corporate governance annual disclosure to […]
As used in this part 16, unless the context otherwise requires: “Corporate governance annual disclosure” or “CGAD” means a confidential report filed by an insurer or an insurance group in accordance with the requirements of this part 16. “Insurance group” means those insurers and affiliates that are included within an insurance holding company system, as […]
On June 1, 2020, and on June 1 of each year thereafter, an insurer, or the insurance group of which the insurer is a member, shall submit to the commissioner a CGAD that contains the information described in section 10-3-1604 and in subsection (2) of this section. Notwithstanding any request from the commissioner made pursuant […]
In responding to a request for CGAD-related information, an insurer or insurance group may exercise its discretion so long as its CGAD provides the commissioner sufficient information to understand the insurer’s or insurance group’s corporate governance structure, policies, and practices. The commissioner may request that an insurer or insurance group provide additional information for this […]
Documents, materials, and other information, including a CGAD, in the possession or control of the division that are obtained by, created by, or disclosed to the commissioner or any other person under this part 16 are recognized by this state as being proprietary and to contain trade secrets. All such documents, materials, and other information […]
The commissioner may retain, at the expense of an insurer or insurance group, one or more third-party consultants, including attorneys, actuaries, accountants, and other experts who are not otherwise members of the commissioner’s staff, as may be reasonably necessary to assist the commissioner in reviewing the insurer’s or insurance group’s CGAD and related information or […]
Any insurer or insurance group that fails, without just cause, to timely file a CGAD as required in this part 16 shall pay, after notice and a hearing, a penalty of two hundred dollars for each day’s delay. The maximum penalty under this section is twenty-five thousand dollars. The commissioner may reduce the penalty if […]
The commissioner shall, upon notice and opportunity for all interested persons to be heard, issue rules and orders to carry out this part 16. Source: L. 2019: Entire part added, (HB 19-1291), ch. 188, p. 2089, § 1, effective August 2.
