A. The insurer or insurance group has discretion over the responses to the CGAD inquiries, if the CGAD contains the material information necessary to allow the director to gain an understanding of the insurer’s or insurance group’s corporate governance structure, policies and practices. The director may request additional information that the director deems material and necessary to provide the director with a clear understanding of the corporate governance policies, the reporting or information system or the controls implementing those policies.

B. Notwithstanding subsection A of this section, the insurer or insurance group shall prepare the CGAD consistent with rules adopted by the department. Documentation and supporting information shall be maintained and made available on examination or on the request of the director.