Alabama § 27-29B-5 Contents of Corporate Governance Annual Disclosure

Alabama Statutes

§ 27-29B-5 — Contents of Corporate Governance Annual Disclosure

Alabama § 27-29B-5

Title 27Insurance

Ch. 29BCorporate Governance Annual Disclosure Act

This text of Alabama § 27-29B-5 (Contents of Corporate Governance Annual Disclosure) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 27-29B-5 (2026).

Text

(a)The insurer or insurance group shall have discretion over the responses to the CGAD inquiries, provided the CGAD shall contain the material information necessary to permit the commissioner to gain an understanding of the insurer’s or insurance group’s corporate governance structure, policies, and practices. The commissioner may request additional information that the commissioner deems material and necessary to provide the commissioner with a clear understanding of the corporate governance policies or the reporting or information system or controls implementing those policies.

(b)Notwithstanding subsection (a), the CGAD shall be prepared consistent with rules adopted by the commissioner which shall be substantially similar to the Corporate Governance Annual Disclosure Model Regulation

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(a) The insurer or insurance group shall have discretion over the responses to the CGAD inquiries, provided the CGAD shall contain the material information necessary to permit the commissioner to gain an understanding of the insurer’s or insurance group’s corporate governance structure, policies, and practices. The commissioner may request additional information that the commissioner deems material and necessary to provide the commissioner with a clear understanding of the corporate governance policies or the reporting or information system or controls implementing those policies.
(b) Notwithstanding subsection (a), the CGAD shall be prepared consistent with rules adopted by the commissioner which shall be substantially similar to the Corporate Governance Annual Disclosure Model Regulation developed by the NAIC. Documentation and supporting information shall be maintained and made available upon examination or upon request of the commissioner.