Utah Code 31A-16b-105. Contents of corporate governance annual disclosure
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Terms Used In Utah Code 31A-16b-105
- Corporate governance annual disclosure: means a report an insurer or insurance group files in accordance with the requirements of Chapter 16b, Corporate Governance Annual Disclosure Act. See Utah Code 31A-1-301
- Insurance: includes :(96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;(96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and(96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
- Insurance group: means the persons that comprise an insurance holding company system. See Utah Code 31A-1-301
(1)(a) A corporate governance annual disclosure shall include information sufficient to provide the commissioner a clear understanding of the insurer’s or insurance group’s corporate governance structure, policies, and practices.(1)(b) An insurer or insurance group has discretion to determine the information the insurer or insurance group includes in a corporate governance annual disclosure, provided the information complies with Subsection (1)(a).
(2) The commissioner may request additional information that the commissioner determines material and necessary to provide the commissioner with a clear understanding of the insurer’s or insurance group’s:
(2)(a) corporate governance policies;
(2)(b) reporting and information systems; or
(2)(c) controls implementing the items described in Subsection (2)(a) or (b).
(3) An insurer or insurance group shall maintain and make available upon request of the commissioner:
(3)(a) documentation; and
(3)(b) supporting information.