South Carolina Statutes
§ 38-13-1040 — Discretion over responses to inquiries; examination of documentation and supporting information.
(A)The insurer or insurance group has discretion over the responses to the CGAD inquiries, provided the CGAD shall contain the material information necessary to permit the director to gain an understanding of the insurer's or group's corporate governance structure, policies, and practices. The director may request additional information that he deems material and necessary to provide him with a clear understanding of the corporate governance policies the reporting or information system or controls implementing those policies.
(B)The CGAD must be prepared consistent with the Corporate Governance Annual Disclosure Model Regulation, Regulation 69-80. Documentation and supporting information must be maintained and made available upon examination or upon request of the director.
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South Carolina § 38-13-1040 (Discretion over responses to inquiries; examination of documentation and supporting information.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2019 Act No. 3 (S.75), SECTION 1, eff March 20, 2019.
Nearby Sections
15
§ 38-13-1000
Purpose; construction; application.§ 38-13-1010
Definitions.§ 38-13-1030
Rules, regulations, and orders.§ 38-13-1040
Discretion over responses to inquiries; examination of documentation and supporting information.§ 38-13-1060
Retention of third-party consultants.§ 38-13-1070
Penalties.§ 38-13-1080
Effective date of this article.§ 38-13-130
Records of losses and claims.