31A-16b-103. Disclosure requirement.
(1) An insurer, or the insurance group of which the insurer is a member, shall on or before June 1 of each year submit to the commissioner a corporate governance annual disclosure that contains the information required under Section. 31A-16b-105
(2) Notwithstanding a request from the commissioner described in Subsection, if an insurer is a member of an insurance group, the insurer shall submit the report required under this section to the commissioner of the lead state for the insurance group in accordance with: (4) the laws of the lead state; and the procedures outlined in the most recent Financial Analysis Handbook adopted by the NAIC.
(3) The corporate governance annual disclosure described in Subsectionshall include a signature: (1) of the insurer's or insurance group's chief executive officer or corporate secretary; and attesting to the best of the signatory's belief and knowledge that: the insurer or insurance group has implemented the corporate governance practices; and a copy of the disclosure has been provided to the insurer's or insurance group's board of directors or the appropriate committee thereof.
(4) An insurer not required to submit a corporate governance annual disclosure under this section shall submit a corporate governance annual disclosure to the commissioner upon the commissioner's request.
(5) For purposes of completing a corporate governance annual disclosure, an insurer or insurance group may provide information regarding corporate governance at one of the following levels: at the ultimate controlling parent level; at an intermediate holding company level; or at the individual legal entity level. An insurer or insurance group shall consider making each corporate governance annual disclosure at the level at which the insurer or insurance group: determines the insurer or insurance group's risk appetite; collectively oversees the earnings, capital, liquidity, operations, and reputation of the insurer; and coordinates and exercises the supervision of earnings, capital, liquidity, operations, and reputation of the insurer; or places legal liability for failure of general corporate governance duties.
(6) If an insurer or insurance group chooses a level of reporting described in Subsection, it shall indicate: (5) which of the three levels the insurer or insurance group chose; and explain any subsequent change in the level of reporting.
(7) An insurer may choose not to include certain information in a corporate governance annual disclosure, if: the information is substantially similar to information included in another document submitted to the commissioner, including a proxy statement filed in conjunction with Sectionor another state or federal filing provided to the department; and 31A-16-105 the insurer cross references the document described in Subsectionin the corporate governance annual disclosure. (7)(a)
(8) A review of a corporate governance annual disclosure or any additional request for information related to a corporate governance annual disclosure shall be made through the lead state as determined by the procedures outlined in the most recent Financial Analysis Handbook adopted by the NAIC.