California Insurance Code

§ 936.3

INS § 936.3 Effective Aug 17, 2015Div. 1 · Part 2 · Ch. 1 · Art. 10.8

Statute text

(a)An insurer, or the insurance group of which the insurer is a member, shall, no later than June 1 of each calendar year, submit to the commissioner a CGAD that contains the information described in subdivision (b) of Section 936.5. Notwithstanding any request from the commissioner made pursuant to subdivision (c), if the insurer is a member of an insurance group, the insurer shall submit the report required by this section 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 outlined in the most recent Financial Analysis Handbook adopted by the NAIC.

(b)The CGAD 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 therein and that a copy of the disclosure has been provided to the insurer’s board of directors or the appropriate committee thereof.

(c)An insurer not required to submit a CGAD under this section shall submit a CGAD upon the commissioner’s request.

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Legislative history

Added by Stats. 2015, Ch. 213, Sec. 1. (AB 553) Effective August 17, 2015.