Texas § IN.831.0003 - DISCLOSURE REQUIRED

§ IN.831.0003. DISCLOSURE REQUIRED

DISCLOSURE REQUIRED. (a) Except as provided by Subsection (b), an insurer, or the insurance group of which the insurer is a member, shall, not later than June 1 of each calendar year, submit to the commissioner a corporate governance annual disclosure that contains the information described by Section 831.0008 (c). (b) Notwithstanding any request from the commissioner under Subsection (d), an insurer that is a member of an insurance group shall submit the report required by Subsection (a) to the commissioner of the lead state for the insurance group, in accordance with the laws of the lead state, as determined by the procedures adopted by the National Association of Insurance Commissioners. (c) The disclosure must 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 disclosure and that a copy of the disclosure has been provided to the insurer's board of directors or the appropriate committee of the insurer's board of directors. (d) An insurer not otherwise required to submit a disclosure under this chapter shall submit a disclosure on the commissioner's request. Added by Acts 2019, 86th Leg., R.S., Ch. 1170 (H.B. 3306 ), Sec. 1, eff. September 1, 2019.