(1) The purpose and scope of this chapter are to: Provide the insurance director a summary of an insurer or insurance group’s corporate governance structure, policies and practices to permit the director to gain 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 director; and
(3) Provide for the confidential treatment of the corporate governance annual disclosure and related information that will contain confidential and sensitive information related to an insurer or insurance group’s internal operations and proprietary and trade secret information that, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage.
(4) Nothing in this chapter shall be construed to prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable state corporate law. Nothing in this chapter shall be construed to limit the director’s authority, or the rights or obligations of third parties, under applicable examination authority including, but not limited to, sections 41-219 and 41-3814, Idaho Code.
(5) The requirements of this chapter shall apply to all insurers domiciled in this state.