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Delaware General AssemblyDelaware RegulationsMonthly Register of RegulationsJanuary 2018

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The Department of Insurance gave notice in the Delaware Register of Regulations at 21 DE Reg. 394 (11/01/17) of proposed new Regulation 307 relating to Corporate Governance and Annual Disclosure. The Department's internal docket number for this regulatory project is 3575- 2017.
The Commissioner finds that it is appropriate to adopt proposed new 18 DE Admin. Code 307 with a technical correction that will conform 18 DE Admin. Code 307 to the Model Regulation 306 as published by the NAIC, and as indicated in the attached version of the regulation.
For the foregoing reasons, the Commissioner concludes that it is appropriate to amend 18 DE Admin. Code 307, with the correction of the technical error at subsection 4.3.
The actions hereinabove referred to were taken by the Commissioner pursuant to 18 Del.C. §§311 and Chapter 85, and 29 Del.C. Ch. 101 on December 15, 2017. The effective date of this Order shall be ten (10) days from the date this Order is published in the Delaware Register of Regulations.
IT IS SO ORDERED.
The 15th day of December, 2017
This regulation is promulgated and adopted pursuant to 18 Del.C. §311 and 18 Del.C. Chapter 85.
"Board" means the Board of Directors of an insurer or an insurance group.
"Commissioner" means the Commissioner of the Delaware Department of Insurance.
"Corporate Governance Annual Disclosure" or "CGAD" means a confidential report filed by an insurer or an insurance group made in accordance with the Corporate Governance Annual Disclosure Act, 18 Del.C. Chapter 85 and this regulation.
"Insurance group" means those insurers and affiliates included within an insurance holding company system as defined in the Insurance Holding Company System Registration Act, 18 Del.C. Chapter 50.
"Insurer" shall have the same meaning as set forth in 18 Del.C. §102(10), except that it shall not include agencies, authorities or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.
"NAIC" means National Association of Insurance Commissioners.
"Senior Management" means any corporate officer responsible for reporting information to the board of directors at regular intervals or providing this information to shareholders or regulators and shall include, by way of example by not by limitation, the Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Operations Officer (COO), Chief Procurement Officer (CPO), Chief Legal Officer (CLO), Chief Information Officer (CIO), Chief Technology Officer (CTO), Chief Revenue Officer (CRO), Chief Visionary Officer (CVO), or any other "C" level executive.
4.1 An insurer, or the insurance group of which the insurer is a member, that is required to file a CGAD under 18 Del.C. §8504, shall, no later than June 1 of each calendar year, submit to the Commissioner a CGAD that contains the information described in Section 5.0 of these regulations, according to the following:
4.3 [The For purposes of completing the CGAD, the] insurer or insurance group [shall may choose to] provide information on governance activities that conforms with the structure of the insurer's or insurance group's system of corporate governance, whether at the ultimate controlling parent level, an intermediate holding company level, or at the individual legal entity level, depending upon how the insurer or insurance group has structured its system of corporate governance.
Last Updated: December 31 1969 19:00:00.
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