For purposes of completing the corporate governance annual disclosure, the insurer or insurance group may provide information regarding corporate governance at the ultimate controlling parent level, an intermediate holding company level, the individual legal entity level, or any combination of the levels depending upon how the insurer or insurance group has structured its system of corporate governance. An insurer or insurance group shall make the disclosures at the level where the insurer's or insurance group's: (1) Risk appetite is determined; (2) Earnings, capital, liquidity, operations, and reputation of the insurer are collectively overseen and the supervision of those factors is coordinated and exercised; or (3) Legal liability for failure of general corporate governance duties is placed. When an insurer or insurance group determines the level of reporting based on the criteria under this section, the insurer or insurance group shall indicate which of the criteria under this section was used to determine the level of reporting and explain any subsequent change in the level of reporting. Any additional request for information by the director shall be made through the lead state.
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