Sec. 7. (a) Subject to subsection (b), an insurer or insurance group may complete a CGAD using corporate governance information at the level of disclosure at which the insurer's or insurance group's system of corporate governance is structured, as follows:
(1) The ultimate controlling parent level.
(2) An intermediate holding company level.
(3) The individual legal entity level.
(b) An insurer or insurance group may, but is not required to, choose the level of disclosure at which to complete a CGAD under subsection (a) according to one (1) of the following criteria:
(1) The level at which the insurer's or insurance group's risk tolerance is determined.
(2) The level at which the insurer's or insurance group's earnings, capital, liquidity, operations, and reputation are:
(A) collectively overseen; and
(B) supervised.
(3) The level at which legal liability for failure of general corporate governance would be placed.
(c) If the insurer or insurance group chooses the level of disclosure at which to complete a CGAD under subsection (a) according to a criterion described in subsection (b), the insurer or insurance group shall:
(1) indicate which of the three (3) criteria was used to determine the level of disclosure; and
(2) explain any change in the level of disclosure that is subsequently used.
As added by P.L.146-2015, SEC.19.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 4.1. Corporate Governance Annual Disclosure
27-1-4.1-1. Application and Scope of Chapter
27-1-4.1-2. "Corporate Governance Annual Disclosure"; "Cgad"
27-1-4.1-6. Annual Submission of Cgad
27-1-4.1-7. Level of Disclosure
27-1-4.1-8. Cgad Submitted by Insurance Group Member
27-1-4.1-9. Nonduplication of Other Filings
27-1-4.1-10. Additional Information; Cgad Preparation Requirements
27-1-4.1-11. Confidentiality; Privilege; Use of Information; Sharing and Disclosure
27-1-4.1-12. Third Party Consultants; Confidentiality; Sharing of Information