Provides the insurance commissioner a summary of an insurer or insurance group's corporate governance structure, policies, and practices to permit the commissioner to gain and maintain an understanding of the insurer's corporate governance framework.

Outlines the requirements for completing a corporate governance annual disclosure with the commissioner.

Exempts the following from disclosure under the public records act: Documents, materials, or other information, including the corporate annual disclosure obtained by the insurance commissioner under section 3 of this act.