Sec. 10. (a) If a
CGAD contains the material information necessary to allow the reviewing
commissioner to understand the
insurer‘s or
insurance group‘s corporate governance structure, policies, and procedures, the insurer or
insurance group may determine whether to respond to a request from the reviewing commissioner for additional information.
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Terms Used In Indiana Code 27-1-4.1-10
- CGAD: means a confidential report filed by an insurer or insurance group under this chapter. See Indiana Code 27-1-4.1-2
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- insurance group: means insurers and affiliates of an insurance holding company system (as defined in IC 27-1-23-1). See Indiana Code 27-1-4.1-3
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
- NAIC: refers to the National Association of Insurance Commissioners. See Indiana Code 27-1-4.1-5
(1) corporate governance structure, policies, and procedures;
(2) reporting or information system; or
(3) controls implementing subdivisions (1) and (2);
the commissioner may request the additional information.
(c) A CGAD must be:
(1) prepared in a manner consistent with the NAIC‘s Corporate Governance Annual Disclosure Model Regulation; and
(2) made available to the commissioner upon:
(A) examination under IC 27-1-3.1; or
(B) request of the commissioner.
As added by P.L.146-2015, SEC.19.
