{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1536","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1536","heading":"Corporate Governance Annual Disclosure (CGAD)","body":"A. An insurer or the insurance group of which the insurer is a\n\nmember shall, no later than June 1 of each calendar year, submit to\n\nthe Insurance Commissioner a Corporate Governance Annual Disclosure\n\n(CGAD) that contains the information described in Section 4 of this\n\nact. Notwithstanding any request from the Commissioner made\n\npursuant to subsection C of this section, if the insurer is a member\n\nof an insurance group, the insurer shall submit the report required\n\nby this section to a commissioner of the lead state for the\n\ninsurance group, in accordance with the laws of the lead state, as\n\ndetermined by the procedures outlined in the most recent Financial\n\nAnalysis Handbook adopted by the National Association of Insurance\n\nCommissioners (NAIC).\n\nB. The CGAD shall include a signature of the insurer or chief\n\nexecutive officer or corporate secretary of the insurance group\n\nattesting to the best of his or her belief and knowledge that the\n\ninsurer has implemented the corporate governance practices and that\n\na copy of the disclosure has been provided to the insurer's board of\n\ndirectors or the appropriate committee thereof.\n\nC. An insurer not required to submit a CGAD under this section\n\nshall do so upon the Commissioner's request.\n\nD. For purposes of completing the CGAD, the insurer or\n\ninsurance group may provide information regarding corporate\n\ngovernance at the ultimate controlling parent level, an intermediate\n\nholding company level and/or the individual legal entity level,\n\ndepending upon how the insurer or insurance group has structured its\n\nsystem of corporate governance. The insurer or insurance group is\n\nencouraged to make the CGAD disclosures at the level at which the\n\ninsurer's or insurance group's risk appetite is determined, or at\n\nwhich the earnings, capital, liquidity, operations and reputation of\n\nthe insurer are overseen collectively and at which the supervision\n\nof those factors is coordinated and exercised, or the level at which\n\nlegal liability for failure of general corporate governance duties\n\nwould be placed. If the insurer or insurance group determines the\n\nlevel of reporting based on these criteria, it shall indicate which\n\nof the three criteria was used to determine the level of reporting\n\nand explain any subsequent changes in level of reporting.\n\nE. The review of the CGAD and any additional requests for\n\ninformation shall be made through the lead state as determined by\n\nthe procedures within the most recent Financial Analysis Handbook\n\nreferenced in subsection A of this section.\n\nF. Insurers providing information substantially similar to the\n\ninformation required by this act in other documents provided to the\n\nCommissioner, including proxy statements filed in conjunction with\n\nForm B requirements, or other state or federal filings provided to\n\nthe Oklahoma Insurance Department shall not be required to duplicate\n\nthat information in the CGAD but shall only be required to cross-\n\nreference the document in which the information is included.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"0b58d09691172fff8aa7eb3d8db6e6be1cb33aec15bba7a873c67aa25bf53cc0","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1535","next":"us-ok/okla.-stat.-tit.-36-36-1537"},"notice":"GroundRules: Original legal text. Not legal advice."}