Sec. 7. (a) Subject to subsection (b), an insurer or insurance group may complete a CGAD using corporate governance information at the level of disclosure at which the insurer's or insurance group's system of corporate governance is structured, as follows:
(1) The ultimate controlling parent level.
(2) An intermediate holding company level.
(3) The individual legal entity level.
(b) An insurer or insurance group may, but is not required to, choose the level of disclosure at which to complete a CGAD under subsection (a) according to one (1) of the following criteria:
(1) The level at which the insurer's or insurance group's risk tolerance is determined.
(2) The level at which the insurer's or insurance group's earnings, capital, liquidity, operations, and reputation are:
(A) collectively overseen; and
(B) supervised.
(3) The level at which legal liability for failure of general corporate governance would be placed.
(c) If the insurer or insurance group chooses the level of disclosure at which to complete a CGAD under subsection (a) according to a criterion described in subsection (b), the insurer or insurance group shall:
(1) indicate which of the three (3) criteria was used to determine the level of disclosure; and
(2) explain any change in the level of disclosure that is subsequently used.
As added by P.L.146-2015, SEC.19.