Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 88 - CORPORATE GOVERNANCE ANNUAL DISCLOSURE › Section 210-88-004 - Filing Procedures

Current through June 17, 2024
(004.01) An
				insurer, or the insurance group of which the insurer is a member, required to
				file a CGAD by the Corporate Governance Annual Disclsoure Act, shall, no later
				than June 1 of each calendar year, submit to the Director a CGAD that contains
				the information described in 005 of these regulations.
(004.02) The CGAD 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 CGAD has been provided to the insurer's or
				insurance group's Board of Directors (hereafter "Board") or the appropriate
				committee thereof.
(004.03) 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 Director to gain an understanding of the corporate
				governance structure, policies and practices utilized by the insurer or
				insurance group.
(004.04) 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 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.
(004.05) Notwithstanding
				(004.01), and as outlined in LB772 § 4 (2016), if the CGAD is completed at
				the insurance group level, then it must 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
				must also be provided to the chief regulatory official of any state in which
				the insurance group has a domestic insurer, upon request.
(004.06) An insurer or insurance group may
				comply with this section by referencing other existing documents (e.g., own
				risk solvency assessment 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 005. 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.
(004.07) 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 should so
				state.