(a) The purpose of this chapter is to: (1) Provide the insurance commissioner a summary of an insurer or insurance group’s corporate governance structure, policies, and practices to permit the commissioner to obtain and maintain an understanding of the insurer’s corporate governance framework; (2) Outline the requirements for completing a corporate governance annual disclosure with the insurance commissioner; and (3) Provide for the confidential treatment of the corporate governance annual disclosure and related information that will contain private, 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 chapter shall be construed to prescribe or impose additional corporate governance standards and internal procedures beyond that which is required under applicable state corporate and insurance laws. This chapter shall not be construed to limit the commissioner’s authority, or the rights or obligations of third parties, under which is required under applicable state corporate and insurance laws. This chapter shall not be construed to limit the commissioner’s authority, or the rights or obligations of third parties, under chapter 13.1 of this title. (c) The requirements of this chapter shall apply to all insurers domiciled in this state. History of Section.P.L. 2016, ch. 98, § 1; P.L. 2016, ch. 107, § 1.
Rhode Island Legal Code