1. (a) An insurer or insurance group of which the insurer is a member shall, not later than June 1 of each calendar year, submit:

   1. (1) to the commissioner; or

   2. (2) if the insurer is a member of an insurance group, to the lead state commissioner of the insurance group (as determined by the procedures in the Financial Analysis Handbook) according to the law of the lead state;

      a CGAD.

2. (b) An insurer that is a member of an insurance group and not required to submit a CGAD to the commissioner under subsection (a) shall submit a CGAD to the commissioner upon the commissioner's request.

3. (c) A CGAD submitted under this section must include the signature of the insurer's or insurance group's chief executive officer or corporate secretary attesting that to the best of the chief executive officer's or corporate secretary's knowledge the insurer has:

   1. (1) implemented corporate governance procedures; and
   2. (2) provided a copy of the CGAD to the insurer's board of directors or the appropriate committee of the board of directors.

As added by P.L.146-2015, SEC.19. Amended by P.L.124-2018, SEC.10.