Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 7 - Financial Examination of and Annual Audit Reporting Requirements for Admitted Insurers › 3 AAC 21.785 - Filing Procedures

Current through May 31, 2024
(a) An insurer, or the insurance group of
				  which the insurer is a member, required to file a corporate governance annual
				  disclosure under AS 21.09.400-AS 21.09.460, shall, no later than June 1 of each
				  calendar year, submit to the director a corporate governance annual disclosure
				  that contains the information described in 3 AAC 21.790.
(b) The corporate governance annual
				  disclosure must 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 corporate
				  governance annual disclosure has been provided to the insurer's or insurance
				  group's board of directors or the appropriate committee.
(c) The insurer or insurance group shall have
				  discretion regarding the appropriate format for providing the information
				  required by these regulations and is permitted to customize the corporate
				  governance annual disclosure to provide the most relevant information necessary
				  to permit the director to gain an understanding of the insurer or insurer
				  groups corporate governance structure, policies, and practices utilized by the
				  insurer or insurance group.
(d) For
				  purposes of completing the corporate governance annual disclosure, 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 corporate governance
				  annual disclosure 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 shall indicate which of the three
				  criteria was used to determine the level of reporting and explain any
				  subsequent changes in level of reporting.
(e) An insurer or insurance group may comply
				  with this section by referencing other existing documents (e.g., Own Risk and
				  Solvency Assessment (ORSA) Summary Report, Holding Company Form B or F Filings,
				  Securities and Exchange Commission (SEC) Proxy Statements, or foreign
				  regulatory reporting requirements,.) if the documents provide information that
				  is comparable to the information described in 3 AAC 21.790. The insurer or
				  insurance group shall clearly reference the location of the relevant
				  information within the corporate governance annual disclosure and attach the
				  referenced document if it is not already filed or available to the
				  regulator.
(f) Each year following
				  the initial filing of the corporate governance annual disclosure, the insurer
				  or insurance group shall file an amended version of the previously filed
				  corporate governance annual disclosure 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.
Authority:
AS
						21.06.060
AS
						21.06.090
AS 21.06.400
AS 21.06.430
AS
						21.09.200
AS
						21.09.410
AS
						21.09.420