West Virginia Code 33-52-1 – Short title, purpose and scope of article
(a) This article may be cited as the “Corporate Governance Annual Disclosure Act”.
Terms Used In West Virginia Code 33-52-1
- Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in §. See West Virginia Code 33-52-2
- Insurer: means every person engaged in the business of making contracts of insurance, except that it shall not include agencies, authorities or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state. See West Virginia Code 33-52-2
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
(b) The purpose of this article is to:
(1) Provide the commissioner a summary of an insurer‘s or insurance group‘s corporate governance structure, policies and practices to permit the commissioner to gain and maintain an understanding of the insurer’s corporate governance framework;
(2) Outline the requirements for completing a corporate governance annual disclosure with the commissioner;
(3) Set forth the procedures for filing the corporate governance annual disclosure; and
(4) Provide for the confidential treatment of the corporate governance annual disclosure and related information that will contain confidential and sensitive information related to an insurer or insurance group’s internal operations and proprietary and trade secret information which, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage.
(c) Nothing in this article limits the commissioner’s examination authority, or the rights or obligations of third parties, under § 33-2-9 of this code.
(d) The requirements of this article apply to all licensed insurers domiciled in this state.