Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.10 - CORPORATE GOVERNANCE ANNUAL DISCLOSURE › Section 18.07.10.011 - FILING PROCEDURES

Current through August 31, 2023
01.
Filing
			 Deadline
. An insurer, or the insurance group of which the insurer is a
			 member, needs to file a CGAD by Title 41, Chapter 64, Idaho Code, no later than
			 June 1 of each calendar year, submit to the director a CGAD that contains the
			 information described in Section
			 012 of this rule.
			 (3-31-22)
02.
Signature
. The CGAD needs to include a signature of the insurer's
			 or insurance group's chief executive officer or corporate secretary attesting
			 to the best of that individual's belief and knowledge that the insurer or
			 insurance group has implemented the corporate governance practices and that a
			 copy of the CGAD has been provided to the insurer's or insurance group's board
			 of directors (board) or the appropriate committee thereof. (3-31-22)
03.
Format
. The insurer or
			 insurance group will have discretion regarding the appropriate format for
			 providing the information prescribed by this rule and is permitted to customize
			 the CGAD to provide the most relevant information necessary to permit the
			 director to gain an understanding of the corporate governance structure,
			 policies and practices utilized by the insurer or insurance group.
			 (3-31-22)
04.
Providing
			 Information
. For purposes of completing the CGAD, the insurer or
			 insurance group may choose to provide information on governance activities that
			 occur at the ultimate controlling parent level, an intermediate holding company
			 level or the individual legal entity level, depending upon how the insurer or
			 insurance group has structured its system of corporate governance. The insurer
			 or insurance group is encouraged to make the CGAD disclosures at the level at
			 which the insurer's or insurance group's risk appetite is determined, or at
			 which the earnings, capital, liquidity, operations, and reputation of the
			 insurer are overseen collectively and at which the supervision of those factors
			 are coordinated and exercised, or the level at which legal liability for
			 failure of general corporate governance duties would be placed. If the insurer
			 or insurance group determines the level of reporting based on these criteria,
			 it will indicate which of the three criteria was used to determine the level of
			 reporting and explain any subsequent changes in level of reporting.
			 (3-31-22)
05.
Completion on
			 Insurance Group Level
. Notwithstanding Subsection
			 011.01, and as outlined in
			 Section 41-6403, Idaho Code, if the CGAD
			 is completed at the insurance group level, then it needs to be filed with the
			 lead state of the group as determined by the procedures outlined in the most
			 recent financial analysis handbook adopted by the NAIC. In these instances, a
			 copy of the CGAD needs to also be provided to the chief regulatory official of
			 any state in which the insurance group has a domestic insurer, upon request.
			 (3-31-22)
06.
Referencing
. An insurer or insurance group may comply with this
			 section by referencing other existing documents (e.g., Own Risk Solvency
			 Assessment (ORSA) summary report, holding company form B or F filings,
			 Securities and Exchange Commission (SEC) proxy statements, foreign regulatory
			 reporting requirements, etc.) if the documents provide information that is
			 comparable to the information described in Section
			 012. The insurer or insurance group
			 will clearly reference the location of the relevant information within the CGAD
			 and attach the referenced document if it is not already filed or available to
			 the regulator. (3-31-22)
07.
Filing of Amended Versions
. Each year following the initial filing
			 of the CGAD, the insurer or insurance group will file an amended version of the
			 previously filed CGAD indicating where changes have been made. If no changes
			 were made in the information or activities reported by the insurer or insurance
			 group, the filing should so state. (3-31-22)