210 Neb. Admin. Code, ch. 88, § 004 - Filing Procedures
(004.01) An
insurer, or the insurance group of which the insurer is a member, required to
file a CGAD by the Corporate Governance Annual Disclsoure Act, shall, no later
than June 1 of each calendar year, submit to the Director a CGAD that contains
the information described in 005 of these regulations.
(004.02) The CGAD must include a signature of
the insurer's or insurance group's chief executive officer or corporate
secretary attesting 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.
(004.03) 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 Director to gain an understanding of the corporate
governance structure, policies and practices utilized by the insurer or
insurance group.
(004.04) 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.
(004.05) Notwithstanding
(004.01), and as outlined in LB772 § 4 (2016), 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.
(004.06) An insurer or insurance group may
comply with this section by referencing other existing documents (e.g., own
risk solvency assessment 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 005. 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.
(004.07) 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.
Notes
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