Amends and adds to existing law to establish provisions regarding corporate governance annual disclosure by insurers and insurance groups.

This legislation is based on the National Association of Insurance Commissioners (NAIC) Corporate Governance Annual Disclosure Model Act (#305). In part following the 2008 recession, the NAIC worked towards the goal of having insurance companies or insurance holding company groups identify their corporate governance practices. This corporate governance model act will provide guidance and instructions to domiciled insurers for filing a confidential corporate governance annual disclosure with the Department of Insurance. This legislation will outline requirements for completing a confidential corporate governance annual disclosure and permit the director to gain and maintain an understanding of domiciled insurers' corporate governance framework. This model law is expected to be required for accreditation of the Idaho Department of Insurance by the NAIC. Accreditation is important to maintain for consistent, streamlined, and fair regulation of insurers.