(1) The purpose of this subchapter is to: Provide the Insurance Commissioner a summary of the corporate governance structure, policies, and practices of an insurer or insurance group to allow the commissioner an opportunity to gain and maintain a better understanding of the corporate governance framework of an insurer operating in this state;
(2) Outline the requirements for completing a corporate governance annual disclosure; and
(3) Provide assurance for the confidential treatment of the corporate governance annual disclosure and related information due to the confidential and sensitive information it will reveal as it relates to the internal operations and proprietary and trade secret information of an insurer or insurance group which, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage.
(4) It is the intent of the General Assembly that this subchapter: Shall not be construed to prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable state corporate law;
(5) Shall not be construed to limit the commissioner's authority or the rights or obligations under § 23-61-201 et seq.; and
(6) Applies to an insurer domiciled in this state.