§ 17:23-38 — Purpose of act.

1. The purpose of this act is to: a. Provide the Commissioner of Banking and Insurance a summary of an insurer's or insurance group's corporate governance structure, policies and practices to permit the commissioner to gain and maintain an understanding of the insurer's corporate governance framework. b. Outline the requirements for completing a corporate governance annual disclosure with the commissioner. c. Provide for the confidential treatment of the Corporate Governance Annual Disclosure and related information that will contain confidential and sensitive information related to an insurer's or insurance group's internal operations and proprietary and trade secret information which, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage. L.2019, c.350, s.1.