Michigan Laws 500.1759 – Corporate governance policies; information made available to director
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 500.1759
- CGAD: means a confidential report filed by the insurer or insurance group made in accordance with the requirements of this chapter. See Michigan Laws 500.1755
- Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
- Insurance group: means insurers and affiliates included within an insurance holding company system. See Michigan Laws 500.1755
- Insurer: means that term as defined in section 1701. See Michigan Laws 500.1755
(1) The insurer or insurance group has discretion over the responses to the CGAD inquiries if the CGAD contains 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 or she considers material and necessary to provide the director with a clear understanding of the corporate governance policies, the reporting or information system, or the controls implementing those policies.
(2) Notwithstanding subsection (1), the CGAD must be prepared as prescribed by the director. Documentation and supporting information related to the CGAD must be maintained and made available on examination or on request of the director.