§36-1534. Purpose of act.
203 words·~1 min read·
/ok/title-36-insurance/36-1534·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.