CSAA IG 2023 Impact Report 0424 Rev1 - Flipbook - Page 43
Practice
Our Impact
2023
From Our Interim CEO
Regulatory oversight
The lead insurer for CSAA (CSAA
Insurance Exchange) is domiciled
in California and licensed by the
California Department of Insurance
(DOI) as a property and casualty
insurer. The insurance company
subsidiaries that are part of CSAA
Insurance Group are domiciled in
Arizona, Indiana and New Jersey and
are similarly licensed by the DOIs in
each jurisdiction in which they are
selling insurance.
CSAA Insurance Exchange and its
insurance subsidiaries are subject
to quarterly and annual financial
reporting requirements and periodic
examinations of financial status by
the DOIs in the states where they
are domiciled.
In addition to the oversight exercised
by domiciliary DOIs, each state in
which an insurer does business
exercises oversight of business
practices conducted in the state.
DOIs regulate the rates charged
by insurers and review business
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Planet
People
Practice
Our board
practices using data calls, surveys
and market conduct examinations.
CSAA Insurance Exchange and its
insurance subsidiaries maintain good
working relationships with insurance
regulators in the jurisdictions where
they do business and have had no
material findings arising from financial
or market conduct examinations.
Our government affairs team keeps
us informed of proposed, newly
enacted and amended legislation as
well as the countrywide departments
of insurance activities. Our regulatory
affairs team works cross-functionally
to ensure compliance with legislative
and regulatory changes.
We continue to focus on enhancing
our regulatory change management
process to ensure that we keep pace
with the growth of our business and
new legislation. Our process now
includes new lines of business and
incorporates all jurisdictions in
which we operate, with additional
staff support.
The CSAA board of directors
comprises 11 elected directors and
three ex-officio voting members.
Each director brings strong business
leadership experience and strategic
oversight expertise, as well as their
diverse backgrounds, experiences
and perspectives.
The board’s responsibilities include
approving major policy decisions;
selecting, evaluating the performance
of and approving compensation
for the CEO; approving the
annual budget; defining decisionmaking authority for significant
expenses, capital expenditures and
substantive organization changes;
providing expertise and counsel to
management; and upholding and
overseeing CSAA’s maintenance of an
ethical business environment.
The board has delegated authority
to four standing committees:
audit, finance and investment,
compensation and human capital,
and nominating and governance.
The roles and responsibilities for
each committee are defined by
charter and include oversight of a
variety of environmental, social and
governance matters.
14
board
members
Each director brings
strong business leadership
experience and strategic oversight
expertise, as well as
their diverse backgrounds,
experiences and perspectives.
