This text of Louisiana § 22:691.53 (Disclosure requirement) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§691.53. Disclosure requirement
A.An insurer, or the insurance group of which the insurer is a member, shall, no
later than June first of each calendar year, submit to the commissioner a corporate
governance annual disclosure (CGAD) that contains the information specified in R.S.
22:691.55. Notwithstanding any request from the commissioner made pursuant to
Subsection C of this Section, if the insurer is a member of an insurance group, the insurer
shall submit the report required by this Section to the commissioner of the lead state for the
insurance group, in accordance with the laws of the lead state, as determined by the
procedures outlined in the most recent Financial Analysis Handbook adopted by the NAIC.
B.The CGAD shall include a signature of the insurer's or insurance group's chie
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§691.53. Disclosure requirement
A. An insurer, or the insurance group of which the insurer is a member, shall, no
later than June first of each calendar year, submit to the commissioner a corporate
governance annual disclosure (CGAD) that contains the information specified in R.S.
22:691.55. Notwithstanding any request from the commissioner made pursuant to
Subsection C of this Section, if the insurer is a member of an insurance group, the insurer
shall submit the report required by this Section to the commissioner of the lead state for the
insurance group, in accordance with the laws of the lead state, as determined by the
procedures outlined in the most recent Financial Analysis Handbook adopted by the NAIC.
B. The CGAD shall include a signature of the insurer's or insurance group's chief
executive officer or corporate secretary attesting to the best of that individual's belief and
knowledge that the insurer has implemented the corporate governance practices and that a
copy of the disclosure has been provided to the insurer's board of directors or its appropriate
committee.
C. An insurer not required to submit a CGAD under this Section shall do so upon
the commissioner's request.
D. For purposes of completing the CGAD, the insurer or insurance group may
provide information regarding corporate governance at the ultimate controlling parent level,
an intermediate holding company level, or the individual legal entity level, depending upon
how the insurer or insurance group has structured its system of corporate governance. The
insurer or insurance group shall be encouraged to make the CGAD disclosures at the level
at which the insurer's or insurance group's risk appetite is determined, or at which the
earnings, capital, liquidity, operations, and reputation of the insurer are overseen collectively
and at which the supervision of those factors are coordinated and exercised, or the level at
which legal liability for failure of general corporate governance duties would be placed. If
the insurer or insurance group determines the level of reporting based on these criteria, it
shall indicate which of the three criteria was used to determine the level of reporting and
explain any subsequent changes in the level of reporting.
E. The review of the CGAD and any additional requests for information shall be
made through the lead state as determined by the procedures outlined in the most recent
Financial Analysis Handbook specified in Subsection A of this Section.
F. Insurers providing information substantially similar to the information required
by this Subpart in other documents provided to the commissioner, including proxy statements
filed in conjunction with Form B requirements or other state or federal filings provided to
the commissioner, shall not be required to duplicate that information in the CGAD but shall
be required only to make reference to the document in which such information is included.