§ 382.610 — CGAD submitted to director, when — attestation required — information may be provided — review of CGAD — duplication of information not required, when.

Missouri § 382.610

• Jurisdiction: Missouri
• Title XXIV: BUSINESS AND FINANCIAL INSTITUTIONS
• Ch. 382: Insurance Holding Companies

Text

1.  An insurer, or the insurance group of which the insurer is a member, shall, before June first of each calendar year, submit to the director a CGAD that contains the information described in subsection 2 of section 382.615 .  Notwithstanding any request from the director made under subsection 3 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 director or 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.  An insurer that is a member of an insurance group, however, shall not be required to submit the report required by this section to the director until the earlier of the adoption of the National Association of Insurance Commissioners Corporate Governance Annual Disclosure Model Act and National Association of Insurance Commissioners Corporate Governance Annual Disclosure Model Regulations by the lead state of such insurance group, or June 1, 2020.

2.  The CGAD shall include a signature of the insurer 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 the appropriate committee thereof.

3.  An insurer not required to submit a CGAD under this section shall do so upon the director's request.

4.  For purposes of completing the CGAD, the insurer or insurance group may provide information regarding corporate governance at the ultimate controlling person 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 is encouraged to make the CGAD disclosures at the level at which the insurer 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 is 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 level of reporting.

5.  The review of the CGAD and any additional requests for information shall be made through the lead state as determined by the procedures within the most recent Financial Analysis Handbook referenced in subsection 1 of this section.

6.  Insurers providing information substantially similar to the information required by sections 382.600 to 382.640 in other documents provided to the director, including proxy statements filed in conjunction with annual registration requirements or other state or federal filings provided to the department of commerce and insurance, shall not be required to duplicate that information in the CGAD but shall only be required to cross-reference the document in which the information is included.

Legislative History

(L. 2018 S.B. 593) Effective 1-01-19