1. Except as otherwise provided in subsection 2, an insurer or insurance group may exercise discretion over the responses to inquiries in the corporate governance annual disclosure if the corporate governance annual disclosure contains the material information necessary to allow the Commissioner to gain an understanding of the corporate governance structure, policies and practices of the insurer or insurance group. The Commissioner may request additional information that he or she determines is material and necessary to gain a clear understanding of the corporate governance policies or the reporting, information system or controls implementing the corporate governance policies of the insurer or insurance group.
2. Each insurer or insurance group shall prepare its corporate governance annual disclosure in a manner that is consistent with the instructions adopted by the Commissioner by regulation for the corporate governance annual disclosure. The insurer or insurance group shall maintain documentation and supporting information and make such material available upon examination or request by the Commissioner.