Virginia Code 38.2-1334.13: Contents of Corporate Governance Annual Disclosure
A. The insurer or insurance group shall have discretion over the responses to the CGAD inquiries, provided that the CGAD shall contain the material information necessary to permit the Commission to gain an understanding of the insurer’s or insurance group’s corporate governance structure, policies, and practices. The Commission may request additional information deemed material and necessary to provide the Commission with a clear understanding of the corporate governance policies, the reporting or information system, or the controls implementing those policies.
Terms Used In Virginia Code 38.2-1334.13
- CGAD: means a confidential report filed by the insurer or insurance group made in accordance with the requirements of this article. See Virginia Code 38.2-1334.11
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in § 38. See Virginia Code 38.2-1334.11
- Insurer: means an insurance company as defined in § 38. See Virginia Code 38.2-1334.11
B. Notwithstanding subsection A, the CGAD shall be prepared consistent with the rules and regulations promulgated by the Commission to administer the requirements of this article. Documentation and supporting information shall be maintained and made available upon examination or upon request of the Commission.
2017, c. 643.