(a) An insurer, or an insurance group of which the insurer is a member, shall submit to the director not later than June 1 of each calendar year a corporate governance annual disclosure that contains the information described in AS 21.09.430(b). In the event the director requests an insurer to submit a disclosure under (c) of this section and the insurer is a member of an insurance group, the insurer shall submit the disclosure to the lead state insurance regulator of the insurance group, under the laws of the lead state, in accordance with the procedures set out in the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners.

(b) A corporate governance annual disclosure must include a signature of the insurer's or insurance group's chief executive officer or corporate secretary attesting that, to the best of that individual's belief and knowledge,

(1) the insurer has implemented the corporate governance practices required under AS 21.09.400 - 21.09.460; and

(2) a copy of the corporate governance annual disclosure has been provided to the insurer's board of directors or the appropriate committee of the board.

(c) An insurer not required to submit a corporate governance annual disclosure under (a) of this section shall submit a disclosure upon request of the director.

(d) For purposes of completing a corporate governance annual disclosure, an insurer or insurance group, depending on the insurer's or insurance group's corporate governance structure, may provide information regarding corporate governance at

(1) the ultimate controlling parent level;

(2) an intermediate holding company level;

(3) the individual legal entity level; or

(4) the ultimate controlling parent level, an intermediate holding company level, and the individual legal entity level.

(e) An insurer or insurance group

(1) is encouraged to make the corporate governance annual disclosure at the level at which

(A) the insurer's or insurance group's risk appetite is determined;

(B) the earnings, capital, liquidity, operations, and reputation of the insurer are overseen collectively and at which the supervision of those factors are coordinated and exercised; or

(C) legal liability for failure of general corporate governance duties would be placed;

(2) shall, if determining the level of reporting based on the criteria under this section,

(A) indicate which of the three criteria under (1) of this subsection was used to determine the level of reporting; and

(B) explain any subsequent change in the level of reporting.

(f) A review of the corporate governance annual disclosure and any additional requests for information shall be made through the lead state in accordance with the procedures set out in the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners.

(g) An insurer or insurance group providing information substantially similar to the information required under AS 21.09.400 - 21.09.460 in other documents provided to the director, including proxy statements filed in conjunction with Form B requirements under regulations of the division, or other state or federal filings provided to the division, is not required to duplicate that information in the corporate governance annual disclosure; however, the insurer or insurance group shall include in the disclosure a cross reference of the document in which the information is included.