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Adoption of Corporate Governance Annual Disclosure Regulation

Bulletin
Monday, June 1, 2015
Bulletin #185

 

Insurance Bulletin No. 185

ADOPTION OF CORPORATE GOVERNANCE ANNUAL DISCLOSURE REGULATION

The purpose of this Bulletin is to notify insurers, or the insurance group of which the insurer is a member, required to file a Corporate Governance Annual Disclosure (CGAD) by Act 10 of the 2015 Session of the General Assembly of the State of Vermont, that the Vermont Department of Financial Regulation ("Department") is in the process of adopting the Corporate Governance Annual Disclosure Regulation. The Department anticipates that the Regulation will be in full force and effect by late 2015.

The Corporate Governance Annual Disclosure Regulation will be modeled on the National Association of Insurance Commissioners (NAIC) Model Regulation. Insurers and insurance groups may rely on the NAIC Model Regulation as they prepare to file their CGADs by the first filing deadline of June 1, 2016.

This bulletin shall expire upon the effective date of the Corporate Governance Annual Disclosure Regulation as adopted by the Department.