Bulletin Number 2019-11 Corporate Governance Annual Disclosure Requirements

 # South Carolina Department of Insurance Capitol Center 1201 Main Street, Suite 1000 Columbia, South Carolina 29201 HENRY MCMASTER Governor RAYMOND G. FARMER Director Mailing Address: P.O. Box 100105, Columbia, S.C. 29202-3105 Telephone: (803) 737-6160 # BULLETIN NUMBER 2019-11 TO: All Insurers Licensed to Transact Insurance Business within the State of South Carolina FROM: Raymond G. Farmer Director of Insurance Raymond G. Farmer RE: Corporate Governance Annual Disclosure Requirements DATE: December 19, 2019 # I. PURPOSE This bulletin is directed to all insurers transacting business in the State of South Carolina. The purpose of this bulletin is to remind insurers of the corporate governance annual disclosure (CGAD) requirements of S.C. Code Ann. Regs. 69-80 that were effective May 24, 2019. This regulation sets forth the disclosure requirements for companies' governance practices including the policies and procedures of the board and key committees. The disclosure must be filed no later than June 1, 2020, and by June 1st of each calendar year thereafter. Insurers are also expected to disclose the policies and practices used by the board of directors for directing senior management on critical issues. This information is confidential and will be used by the South Carolina Department of Insurance to understand, review and assess the corporate governance practices of insurers licensed to transact business in this state. Insurers must submit their disclosures in accordance with the requirements of the regulation. In addition, each year following the initial filing of the CGAD, the insurer or insurance group shall file an amended version of the previously filed CGAD indicating where changes have been made. If no changes were made in the information or activities reported by the insurer or insurance group, the filing should so state. # II. QUESTIONS Questions regarding this Bulletin should be submitted via email to mshull@doi.sc.gov and include complete contact information (company name, phone number and email address for follow up). Bulletins are the method by which the Director of Insurance formally communicates with persons and entities regulated by the Department. Bulletins are Departmental interpretations of South Carolina insurance laws and regulations and provide guidance on the Department's enforcement approach. Bulletins do not provide legal advice. Readers should consult applicable statutes and regulations or contact an attorney for legal advice or for additional information on the impact of that legislation on their specific situation.