Oklahoma § 36-1534 - Purpose of act

§ 36-1534. Purpose of act

A. The purpose of this act is to:

1. Provide the Commissioner of the Oklahoma Insurance

Department a summary of an insurer 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 (CGAD) with the Commissioner; and

3. Provide for the confidential treatment of the CGAD 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.

B. Nothing in this act shall be construed to prescribe or

impose corporate governance standards and internal procedures beyond

those which are required under applicable state corporate law.

Notwithstanding the foregoing, nothing in this act shall be

construed to limit the Commissioner's authority or the rights or

obligations of third parties under Sections 309.1 through 309.7 of

Title 36 of the Oklahoma Statutes.

C. The requirements of this act shall apply to all insurers

domiciled in this state.

Added by Laws 2019, c. 345, § 1, eff. Nov. 1, 2019.