Indiana Code 27-1-4.1-6. Annual submission of CGAD
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Sec. 6. (a) An insurer or insurance group of which the insurer is a member shall, not later than June 1 of each calendar year, submit:
(2) if the insurer is a member of an insurance group, to the lead state commissioner of the insurance group (as determined by the procedures in the Financial Analysis Handbook) according to the law of the lead state;
(1) to the commissioner; or
Terms Used In Indiana Code 27-1-4.1-6
- CGAD: means a confidential report filed by an insurer or insurance group under this chapter. See Indiana Code 27-1-4.1-2
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- insurance group: means insurers and affiliates of an insurance holding company system (as defined in IC 27-1-23-1). See Indiana Code 27-1-4.1-3
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
- member: means one who holds a contract of insurance or is insured in an insurance company other than a stock corporation. See Indiana Code 27-1-2-3
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
a CGAD.
(b) An insurer that is a member of an insurance group and not required to submit a CGAD to the commissioner under subsection (a) shall submit a CGAD to the commissioner upon the commissioner’s request.
(c) A CGAD submitted under this section must include the signature of the insurer’s or insurance group’s chief executive officer or corporate secretary attesting that to the best of the chief executive officer’s or corporate secretary’s knowledge the insurer has:
(1) implemented corporate governance procedures; and
(2) provided a copy of the CGAD to the insurer’s board of directors or the appropriate committee of the board of directors.
As added by P.L.146-2015, SEC.19. Amended by P.L.124-2018, SEC.10.