Corporate Governance Annual Disclosure Act Summary

• Requires Ohio-domiciled insurers and insurance groups with over $5 billion in annual direct written and unaffiliated assumed premium to submit annual corporate governance disclosures to the superintendent of insurance, with initial submission due June 1, 2017, and annually thereafter by June 1.

• Superintendent must conduct reviews as the lead state commissioner under National Association of Insurance Commissioners (NAIC) procedures; insurers may provide information at the ultimate parent level, intermediate holding company level, or individual legal entity level.

• Designates all corporate governance annual disclosures and related information as confidential, proprietary, and trade secret material protected from disclosure in private civil actions and public records requests, with limited exceptions for regulatory action.

• Permits superintendent to share CGAD information with other state and federal regulators, NAIC, and third-party consultants (attorneys, actuaries, accountants) under confidentiality agreements; third-party consultants retained at the insurer's expense.

• Imposes civil penalties of $100 per day for late filings, capped at $10,000, with authority to reduce penalties for financial hardship; all penalty revenue deposited into the general revenue fund.