Sec. 130.2. Purpose and scope.
185 words·~1 min read·
/il/chapter-215/act-5/130-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 130.2. Purpose and scope. The purpose of this Article is to:
(1)provide the Director a summary of an insurer's or insurance group's corporate
governance structure, policies, and practices to permit the Director to gain and maintain an understanding of the insurer's corporate governance framework;
(2)outline the requirements for completing a corporate governance annual disclosure
with the Director;
(3)provide for the confidential treatment of the corporate governance annual disclosure
and related information that will contain confidential and sensitive information related to an insurer's or insurance group's internal operations and proprietary and trade-secret information that, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage.
Nothing in this Article shall be construed to prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable State corporate law. Notwithstanding the foregoing, nothing in this Article shall be construed to limit the Director's authority or the rights or obligations of third parties under Sections 131.21, 132 through 132.7, and 401 through 403. The requirements of this Article apply to all insurers domiciled in this State.