44-9102. Purposes of act.
190 words·~1 min read·
/ne/chapter-44/44-9102A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)The purposes of the Corporate Governance Annual Disclosure Act are to:
(a)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 or insurance group’s corporate governance framework;
(b)Outline the requirements for completing a corporate governance annual disclosure with the director; and
(c)Provide for the confidential treatment of the corporate governance annual disclosure and related information that contains confidential and sensitive information related to an insurer’s 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.
(2)Nothing in the Corporate Governance Annual Disclosure Act shall be construed
(a)to prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable state corporate law or
(b)to limit the director’s authority, or the rights or obligations of third parties, under the Insurers Examination Act.
(3)The requirements of the Corporate Governance Annual Disclosure Act shall apply to all insurers that are domiciled in this state.