Montana Code 33-2-2106. Contents of corporate governance annual disclosure
33-2-2106. Contents of corporate governance annual disclosure. (1) The insurer or insurance group has discretion over the responses to the CGAD inquiries provided that the CGAD contains the material information necessary to permit the commissioner to gain an understanding of the insurer’s or group’s corporate governance structure, policies, and practices. The commissioner may request additional information that the commissioner deems material and necessary to provide a clear understanding of the corporate governance policies, the reporting or information system, or controls implementing those policies.
Terms Used In Montana Code 33-2-2106
- CGAD: means a corporate governance annual disclosure, a confidential report filed by the insurer or insurance group made in accordance with the requirements of this part. See Montana Code 33-2-2103
- Commissioner: means the insurance commissioner of the state of Montana. See Montana Code 33-2-2103
- Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in 33-2-1101. See Montana Code 33-2-2103
- Insurer: has the meaning provided in 33-1-201, except that it may not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state. See Montana Code 33-2-2103
(2)Notwithstanding subsection (1), the CGAD must be prepared consistent with any rules adopted by the commissioner. Documentation and supporting information must be maintained and made available upon examination or upon request of the commissioner.