(A) The insurer or insurance group has discretion over the responses to the CGAD inquiries, provided the CGAD shall contain the material information necessary to permit the director to gain an understanding of the insurer's or group's corporate governance structure, policies, and practices. The director may request additional information that he deems material and necessary to provide him with a clear understanding of the corporate governance policies the reporting or information system or controls implementing those policies.
(B) The CGAD must be prepared consistent with the Corporate Governance Annual Disclosure Model Regulation, Regulation 69-80. Documentation and supporting information must be maintained and made available upon examination or upon request of the director.
HISTORY: 2019 Act No. 3 (S.75), Section 1, eff March 20, 2019.