CSAA IG ESG Report 2022 - Flipbook - Page 36
Governance
2022
ESG Report
From Our CEO
Regulatory Oversight
We enhanced 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 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
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Environmental
Social
Governance
Our Board
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 practices using
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.
The CSAA Board of Directors is
composed of 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, experience, 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 decision-making
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
Committee, Finance & Investment
Committee, Compensation & Human
Capital Committee, and Nominating
& Governance Committee.
The roles and responsibilities for
each committee are defined by
charter, and include oversight of a
variety of environmental, social and
governance matters.
