This text of Iowa § 521H.5 (Contents of corporate governance annual disclosure) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1.An insurer, or the insurance group of which the insurer is a member, shall have
discretion over the responses to corporate governance annual disclosure inquiries, provided
the corporate governance annual disclosure contains 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 a
clear understanding of the insurer’s or insurance group’s corporate governance policies,
reporting or information systems, or the controls implementing such policies or systems.
2.The corporate governance annual disclosure shall be prepared consistent with rules
adopted by
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1. An insurer, or the insurance group of which the insurer is a member, shall have
discretion over the responses to corporate governance annual disclosure inquiries, provided
the corporate governance annual disclosure contains 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 a
clear understanding of the insurer’s or insurance group’s corporate governance policies,
reporting or information systems, or the controls implementing such policies or systems.
2. The corporate governance annual disclosure shall be prepared consistent with rules
adopted by the commissioner pursuant to chapter 17A. Documentation and supporting
information prepared pursuant to this chapter and related rules shall be maintained and
made available upon examination by or upon request of the commissioner.
3. The corporate governance annual disclosure shall include the signature of the
insurer’s or insurance group’s chief executive officer or corporate secretary, attesting that
to the best of that individual’s belief and knowledge the insurer or the insurance group
has implemented the corporate governance practices described in the disclosure and that a
copy of the disclosure has been provided to the insurer’s or the insurance group’s board of
directors or the appropriate committee of the board.
4. a. For purposes of completing a corporate governance annual disclosure, an insurer
or insurance group may report information regarding corporate governance at the ultimate
controlling parent level, at an intermediate holding company level, or at the individual legal
entity level, depending upon how the insurer or insurance group has structured its system of
corporate governance.
b. An insurer or insurance group is encouraged to report information in the corporate
governance annual disclosure at the level at which the insurer’s or insurance group’s risk
tolerance is determined; at the level at which the earnings, capital, liquidity, operations, and
reputation of the insurer or insurance group are overseen collectively and the level at which
the supervision of these factors is coordinated and exercised; or at the level at which legal
liability for failure of general corporate governance duties would be placed. If an insurer or
insurance group determines the level of reporting based upon the criteria set forth in this
paragraph, the insurer or insurance group shall indicate which of the three criteria was used
to determine the level of reporting and explain any subsequent changes that are made in the
level of reporting.