Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 70 - CORPORATE GOVERNANCE ANNUAL DISCLOSURE › Section 70-4 - Filing Procedures

Current through July 13, 2024
(a) An insurer, or the insurance group of
				which the insurer is a member, required to file a CGAD by W. S. §
									
										26-54-101
et seq
, shall, no
				later than June 1 of each calendar year, submit to the Commissioner a CGAD
				containing the information described in Section
				5 of this regulation.
(b) The CGAD must include a signature of the
				insurer's or insurance group's chief executive officer or corporate secretary
				attesting that 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.
(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 Commissioner 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 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) Notwithstanding subparagraph (a) of this
				Section, and as outlined in W. S. §
									
										26-54-103, 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.
(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 Section
				5. 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 should so state.