Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 04 - INSURERS
Chapter 31.04.23 - Corporate Governance Annual Disclosure
Section 31.04.23.02 - Definitions

Universal Citation: MD Code Reg 31.04.23.02

Current through Register Vol. 51, No. 19, September 20, 2024

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

(1) "Board" means the insurer's or insurance group's Board of Directors.

(2) "Commissioner" has the meaning stated in Insurance Article, § 1-101(k), Annotated Code of Maryland.

(3) "Corporate Governance Annual Disclosure" or "CGAD" has the meaning stated in Insurance Article, § 4-501(b), Annotated Code of Maryland.

(4) "Insurance group" means those insurers and affiliates included within an insurance holding company system as defined in Insurance Article, § 4-501(c), Annotated Code of Maryland.

(5) "Insurer" has the meaning stated in Insurance Article, § 4-501(d), Annotated Code of Maryland.

(6) "Own Risk and Solvency Assessment" or "ORSA " has the meaning stated in Insurance Article, § 32-101, Annotated Code of Maryland.

(7) Senior Management.
(a) "Senior Management" means any corporate officer responsible for reporting information to the Board at regular intervals or providing this information to shareholders and regulators.

(b) "Senior Management" includes, for example and without limitation:
(i) The Chief Executive Officer;

(ii) The Chief Financial Officer;

(iii) The Chief Operations Officer;

(iv) The Chief Procurement Officer;

(v) The Chief legal Officer;

(vi) The Chief Information Officer;

(vii) The Chief Technology Officer;

(viii) The Chief Revenue Officer;

(ix) The Chief Visionary Officer; and

(x) Any other "C" level executive.

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