(a)An insurer, or the insurance group of which the
insurer is a member, shall, no later than June 1 of each
calendar year, submit to the commissioner a corporate governance
annual disclosure that contains the information described in
W.S. 26-54-105. 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 insurance of the lead state for the insurance group, in
accordance with the laws of the lead state and under the
guidance of the procedures outlined in the most recent financial
analysis handbook adopted by the National Association of
Insurance Commissioners.
(b)The CGAD shall include a signature of the insurer's
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(a) An insurer, or the insurance group of which the
insurer is a member, shall, no later than June 1 of each
calendar year, submit to the commissioner a corporate governance
annual disclosure that contains the information described in
W.S. 26-54-105. 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 insurance of the lead state for the insurance group, in
accordance with the laws of the lead state and under the
guidance of the procedures outlined in the most recent financial
analysis handbook adopted by the National Association of
Insurance Commissioners.
(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 disclosed pursuant to subsection (a) of this section
and that a copy of the disclosure has been provided to the
insurer's board of directors or the appropriate committee
thereof.
(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 is 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 (3) 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 under the
guidance of the procedures contained in the most recent
financial analysis handbook referenced in subsection (a) of this
section.
(f) Insurers providing information substantially similar
to the information required by this act in other documents
provided to the commissioner, including any statements filed
pursuant to W.S. 26-44-104, or other state or federal filings
provided to the department, shall not be required to duplicate
that information in the CGAD, but shall be required to cross
reference and identify where the document may be located by the
commissioner.