SUBPART G-3. CORPORATE GOVERNANCE ANNUAL DISCLOSURE ACT

§691.51. Purpose and scope

            A. The purpose of this Subpart is to:

            (1) Provide the 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.

            (2) Outline the requirements for completing a corporate governance annual disclosure with the commissioner.

            (3) Provide for the confidential treatment of the corporate governance annual disclosure and related information that will contain confidential and sensitive information related to an insurer or insurance group's internal operations and proprietary and trade secret information which, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage.

            B. Nothing in this Subpart shall be construed to prescribe or impose corporate governance standards and internal procedures beyond those required pursuant to this Title or other laws of this state. Notwithstanding any other provision of this Subpart to the contrary, nothing in this Subpart shall be construed to limit the commissioner's authority or the rights or obligations of third parties pursuant to this Title.

            C. The requirements of this Subpart shall apply to all insurers domiciled in this state.

            Acts 2015, No. 304, §1, eff. Jan. 1, 2016.