20:06:60:05Description

of policies and practices. The corporate governance annual disclosure of an insurer or insurance group must describe the policies and practices of the insurer's or insurance group's board and committees, or, if governed by another entity, the board and committees of the insurer's or insurance group's most senior governing entity. The description must include: (1) How the qualifications, expertise, and experience of each board member meet the needs of the insurer or insurance group; (2) How an appropriate amount of independence is maintained on the board and its committees; (3) The number of meetings held by the board and its committees over the reporting period as well as information on director attendance; (4) How members of the board and its committees are identified, nominated, and elected, including: (a) Whether a nomination committee is in place to identify and select individuals for consideration; (b) Whether term limits are placed on directors; (c) How the election and re-election processes function; and (d) Whether a board diversity policy is in place and, if so, how it functions; (5) The processes in place for the board to evaluate its performance and the performance of its committees; and (6) Any recent measures taken by the board to improve performance, including any board or committee training programs that have been put in place.

Source: 46 SDR 147, effective July 2, 2020.