2018 Wyoming Statutes
TITLE 26 - INSURANCE CODE
CHAPTER 54 - CORPORATE GOVERNANCE ANNUAL DISCLOSURE
SECTION 26-54-105 - Contents of corporate governance annual disclosure. (Note: Effective 7/1/2019.)
26-54-105. Contents of corporate governance annual disclosure. (Note: Effective 7/1/2019.)
(a) An insurer or insurance group shall have discretion over the manner in which a CGAD is submitted, provided the CGAD shall contain the material information necessary to permit the commissioner to gain an understanding of the insurer's or insurance group's corporate governance structure, policies and practices. The commissioner may request additional information deemed material and necessary to provide the commissioner with a clear understanding of corporate governance policies and the reporting, information systems or controls used to implement those policies.
(b) Notwithstanding subsection (a) of this section, the CGAD shall be prepared consistent with this subsection and corporate governance annual disclosure regulations adopted pursuant to W.S. 26-54-104. The CGAD shall describe:
(i) The insurer's or insurance group's corporate governance framework;
(ii) The policies and practices of the most senior governing entity and significant committees thereof;
(iii) Policies and practices for directing senior management; and
(iv) The processes by which the board and senior management ensure an appropriate amount of oversight to the critical risk areas impacting the insurer s business activities.
(c) Documentation and supporting information relevant to the CGAD shall be maintained and made available for examination or upon request of the commissioner.
