20 : 06 : 60 : 04 . Description of corporate framework. The corporate governance annual disclosure must fully describe the insurer ' s or insurance group ' s corporate governance framework and structure, including:

1. (1) All individuals, the board, and any committees responsible for overseeing the insurer or insurance group and their legal relationship to the insurer or insurance group;
2. (2) The rationale for the current board size and structure;
3. (3) The duties of the board and each of its committees, and identification of the bylaws, charters, informal mandates, or other governance documents in which these duties are specified; and
4. (4) A description of how the leadership of the insurance group is structured, including a discussion of the roles of chief executive officer and chairman of the board.

Source: 46 SDR 147, effective July 2, 2020.

General Authority: SDCL 58-5-166.

Law Implemented: SDCL 58-5-166 .