(a) (1) Subject to paragraph (2) of this subsection, an insurer or the insurance group of which the insurer is a member shall have discretion over the responses to a CGAD inquiry.

(2) The CGAD shall contain the material information necessary to permit the Commissioner to develop an understanding of the corporate governance structure, policies, and practices of the insurer or insurance group.

(b) The Commissioner may request from an insurer or the insurance group of which the insurer is a member additional information that the Commissioner determines material and necessary.

(c) The insurer or the insurance group of which the insurer is a member shall:

(1) maintain documentation and supporting information; and

(2) make the documentation and supporting information available to the Commissioner on examination or on request of the Commissioner.