33-2-2101. Short title

33-2-2101. Short title. This part may be cited as the “Corporate Governance Annual Disclosure Act”. History: En. Sec. 1, Ch. 9, L. 2017.

33-2-2102. Purpose — scope

33-2-2102. Purpose — scope. (1) The purpose of this part is to: (a) provide to the insurance commissioner a summary of an insurer or insurance group’s corporate governance structure, policies, and practices to permit the commissioner to gain and maintain an understanding of the insurer’s corporate governance framework; (b) outline the requirements for completing a corporate governance annual […]

33-2-2103. Definitions

33-2-2103. Definitions. As used in this part, the following definitions apply: (1) ”CGAD” means a corporate governance annual disclosure, a confidential report filed by the insurer or insurance group made in accordance with the requirements of this part. (2) ”Commissioner” means the insurance commissioner of the state of Montana. (3) ”Insurance group” means those insurers and affiliates included within […]

33-2-2104. Disclosure requirement

33-2-2104. 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 CGAD that contains the information described in 33-2-2106. Notwithstanding any request from the commissioner made pursuant to subsection (3), if the insurer is a […]

33-2-2105. Rulemaking authority

33-2-2105. Rulemaking authority. The commissioner may, upon notice and opportunity for all interested persons to be heard, issue rules and orders necessary to carry out the provisions of this part. History: En. Sec. 5, Ch. 9, L. 2017.

33-2-2106. Contents of corporate governance annual disclosure

33-2-2106. Contents of corporate governance annual disclosure. (1) The insurer or insurance group has discretion over the responses to the CGAD inquiries provided that the CGAD contains the material information necessary to permit the commissioner to gain an understanding of the insurer’s or group’s corporate governance structure, policies, and practices. The commissioner may request additional information […]

33-2-2107. Confidentiality

33-2-2107. Confidentiality. (1) Documents, materials, or other information, including the CGAD, in the possession or control of the department of insurance that are obtained by, created by, or disclosed to the commissioner or any other person under this part are recognized by the state as being proprietary and to contain trade secrets. These documents, materials, and […]

33-2-2108. NAIC and third-party consultants

33-2-2108. NAIC and third-party consultants. (1) The 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 CGAD and related information or the insurer’s compliance with this part. (2) Any persons […]

33-2-2109. Sanctions — penalties

33-2-2109. Sanctions — penalties. Any insurer failing, without just cause, to timely file the CGAD as required in this part shall, after notice and hearing, pay a penalty of $100 for each day’s delay to the commissioner. The penalty must be collected by the commissioner in the name of the state of Montana and deposited in […]