(a) The purpose of this chapter is to do all of the following:

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Terms Used In Alabama Code 27-29B-1

  • following: means next after. See Alabama Code 1-1-1
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(1) Provide the Commissioner of Insurance a summary of an insurer 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.
(2) Outline the requirements for completing a corporate governance annual disclosure with the commissioner.
(3) 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 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.
(b) Nothing in this chapter shall be construed to prescribe or impose corporate governance standards and internal procedures beyond the procedures that are required under applicable state corporate law. Notwithstanding the foregoing, nothing in this chapter shall be construed to limit the authority of the commissioner, or the rights or obligations of third parties, under Chapter 2.
(c) The requirements of this chapter shall apply to all insurers domiciled in this state.
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