521H.1 Purpose and scope. 1. The purpose of this chapter is to do all of the following: a. Provide the commissioner with a summary of an insurer’s or insurance group’s corporate governance structure, policies, and practices to permit the commissioner to gain and maintain an understanding of the insurer’s or insurance group’s corporate governance framework. […]
521H.2 Definitions. 1. “Commissioner” means the commissioner of insurance. 2. “Corporate governance annual disclosure” or “disclosure” means a confidential report filed by an insurer or insurance group pursuant to the requirements of this chapter. 3. “Insurance group” means those insurers and affiliates included within an insurance holding company system. 4. “Insurance holding company system” means […]
521H.3 Corporate governance annual disclosure requirement. 1. 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 that contains the information described in section 521H.5. Notwithstanding any request from the commissioner made pursuant […]
521H.4 Rules. The commissioner shall adopt rules pursuant to chapter 17A to administer this chapter. 2015 Acts, ch 27, §4, 9
521H.5 Contents of corporate governance annual disclosure. 1. An insurer, or the insurance group of which the insurer is a member, shall have discretion over the responses to corporate governance annual disclosure inquiries, provided the corporate governance annual disclosure contains the material information necessary to permit the commissioner to gain an understanding of the insurer’s […]
521H.6 Confidentiality. 1. Documents, materials, or other information, including a corporate governance annual disclosure, in the possession or control of the insurance division of the department of commerce, that is obtained by, created by, or disclosed to the commissioner or to any other person pursuant to this chapter, is recognized in this state as being […]
521H.7 Penalties. 1. If an insurer or insurance group fails, without just cause, to timely file a corporate governance annual disclosure as required in this chapter, the commissioner shall, after notice and hearing, impose a penalty of five hundred dollars for each day’s delay. The penalty shall be collected by the commissioner and paid to […]
521H.8 Severability. If any provision of this chapter other than section 521H.6, or the application of this chapter to any person or circumstance, is held invalid, such holding 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 […]
