(a) Purposes.--The purposes of this chapter are 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 or insurance group's corporate governance framework.
(2) Outline the requirements for completing and filing a CGAD with the commissioner.
(3) Provide for the confidential treatment of the CGAD and related information containing 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) Scope.--The requirements of this chapter shall apply to:
(1) an insurer that is domiciled in this Commonwealth; or
(2) an insurance group of which this Commonwealth is the lead state.