Texas Implementation of Corporate Governance Annual Disclosure

Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C.
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In 2019, Texas enacted the corporate governance annual disclosure (“CGAD”) annual filing requirement for all Texas domestic insurers and HMOs.[1]

CGAD requires disclosure by insurers or insurance groups about the corporate governance structure, policies, and practices to permit the Texas Insurance Commissioner to gain and maintain an understanding of the insurer's corporate governance framework.

In 2020, the Texas Department of Insurance (“TDI”) deferred the implementation of CGAD filing for the 2020-filing year.

This year, the CGAD filing is now due on June 1, 2021 for all insurers and HMOs where Texas is the lead state.  

Please note, almost every other state has implemented the CGAD filing requirement for insurers and HMOs in the lead domestic state. 

[1] Tex. Ins. Code Chp. 831. 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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