§ 26.1-10.3-04 — Contents of corporate governance annual disclosure

North Dakota § 26.1-10.3-04

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-10.3: Corporate Governance Annual Disclosure

Text

subsection 3, 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
national association of insurance commissioners.
2. The corporate governance annual disclosure must 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 of the board of directors.
3. An insurer not required to submit a corporate governance annual disclosure under this
section shall do so upon the commissioner's request.
4. For purposes of completing the corporate governance annual disclosure, 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 the system of corporate governance of the insurer or insurance group. The
insurer or insurance group is encouraged to make the corporate governance annual
disclosure 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, 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 in level of reporting.
5. The review of the corporate governance annual disclosure and any additional requests
for information must be made through the lead state as determined by the procedures
within the most recent financial analysis handbook referenced in subsection 1.
6. An insurer providing information substantially similar to the information required by this
chapter 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 are not required to duplicate that information in the corporate
governance annual disclosure, but shall cross-reference the document in which the
information is included.