(1) The purpose of this part 16 is to: (a) Provide the commissioner a summary of each insurer's and insurance group's corporate governance structure, policies, and practices to permit the commissioner to gain and maintain an understanding of each insurer's and insurance group's corporate governance framework; (b) Outline the requirements for submitting a corporate governance annual disclosure to the commissioner; and (c) Provide for the confidential treatment of each insurer's and insurance group's corporate governance annual disclosure and related information, which may contain confidential and sensitive information related to the insurer's or insurance group's internal operations, including proprietary and trade secret information the public disclosure of which could potentially cause competitive harm or disadvantage to the insurer or insurance group. (2) (a) Nothing in this part 16 may be construed to prescribe or impose corporate governance standards or internal procedures beyond those standards and procedures that are required under applicable Colorado corporate law. (b) Notwithstanding subsection (2)(a) of this section, nothing in this part 16 may be construed to limit the commissioner's authority or the rights or obligations of third parties under part 2 of article 1 of this title 10. (3) The requirements of this part 16 apply to all insurers domiciled in this state.
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