Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 2 - Regulation 104-Corporate Governance Annual Disclosure › Section XIII-205 - Filing Procedures

Current through Register Vol. 50, No. 6, June 20, 2024
A. An
				insurer, or the insurance group of which the insurer is a member, required to
				file a CGAD by
				R.S.
				22:691.53 shall, no later than June 1 of each
				calendar year, submit to the commission a CGAD that contains the information
				described in
				§207 of this regulation.
B. The CGAD shall include a signature of the
				insurers or insurance groups chief executive officer or corporate secretary
				attesting to the best of that individuals 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 insurers or insurance groups board
				of directors (hereafter "board") or the appropriate committee
				thereof.
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 CGAD to provide the most relevant information necessary to permit
				the commission to gain an understanding of the corporate governance structure,
				policies and practices utilized by the insurer or insurance group.
D. 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 and/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 insurers or insurance groups 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. Notwithstanding Subsection A of this
				Section, and as outlined in
				R.S.
				22:691.53, if the CGAD is completed at the
				insurance group level, then it shall 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 shall also
				be provided to the chief regulatory official of any state in which the
				insurance group has a domestic insurer, upon request.
F. An insurer or insurance group may comply
				with this section by referencing other existing documents (e.g., 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 §207 The insurer or insurance group shall 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.
G. Each year following the initial filing of
				the CGAD, the insurer or insurance group shall 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 shall so state.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:11 and
				  22:691.51-691.58.