(a) The purpose of this chapter is to:(1) Permit the Commissioner of Insurance to gain and maintain an understanding of an insurer’s corporate governance framework by requiring that insurers provide to the Commissioner of Insurance a summary of an insurer or insurance group’s corporate governance structure, policies and practices;(2) Establish the requirements for completing a corporate governance annual disclosure and filing it with the Commissioner of Insurance; and(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.
(1) Permit the Commissioner of Insurance to gain and maintain an understanding of an insurer’s corporate governance framework by requiring that insurers provide to the Commissioner of Insurance a summary of an insurer or insurance group’s corporate governance structure, policies and practices;
(2) Establish the requirements for completing a corporate governance annual disclosure and filing it with the Commissioner of Insurance; and
(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 chapter shall be construed to prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable state/territorial corporate law. Notwithstanding the foregoing, nothing in this chapter shall be construed to limit the Commissioner’s authority, or the rights or obligations of third parties, under chapter 5 of this title.
(c) The requirements of this chapter shall apply to all insurers domiciled in this Territory and all alien insurers doing business in this Territory that are not licensed to conduct insurance business in any other U.S. jurisdiction.