§ 31–333. Disclosure requirement.

(a)(1) By June 1 of each year, an insurer, or the insurance group of which the insurer is a member, shall submit to the Commissioner a Corporate Governance Annual Disclosure that contains the information required by this chapter, or rules issued pursuant to this chapter; except, that if the insurer is a member of an insurance group operating in the District for which the Department of Insurance, Securities, and Banking is not the group's primary regulator the insurer shall submit the Corporate Governance Annual Disclosure to the commissioner of the lead state for the insurance group in accordance with the laws of the lead state, as outlined in the most recent edition of the NAIC Financial Analysis Handbook.

(2) An insurer not required to submit a Corporate Governance Annual Disclosure to the Commissioner under this subsection shall provide a copy of the insurer's Corporate Governance Annual Disclosure to the Commissioner upon the Commissioner's request.

(b) The Corporate Governance Annual Disclosure shall include a signature of the insurer or insurance group's chief executive officer or corporate secretary attesting, to the best of that individual's belief and knowledge, that the insurer has implemented the corporate governance practices described in the Corporate Governance Annual Disclosure and that a copy of the Corporate Governance Annual Disclosure has been provided to the insurer's board of directors or the appropriate committee of the insurer's board of directors.

(c) For purposes of completing the Corporate Governance Annual Disclosure, the insurer or insurance group may provide information regarding corporate governance at the ultimate controlling parent level, an intermediate holding company level, or the individual legal entity level depending upon how the insurer or insurance group has structured its system of corporate governance.