Clarifications on the Biographical Affidavit Regulation
Key management personnel
- Key management personnel will differ with the size and business structure of the entities required to file biographical affidavits, so a list of job titles would not work for every entity.
- The NAIC Uniform Certificate of Authority Application (UCAA) requirements contain instructions for completing Form 11, the Biographical Affidavit (NAIC.org).
Key management personnel are identified by:
- Following the Form 11 instructions (NAIC.org)
- Answering the series of questions in the Form 11(NAIC.org)
- The best practices handbook(NAIC.org), and
- The NAIC frequently asked questions (FAQs)(NAIC.org) for the biographical affidavit Form 11.
A “material change” means a change to the following Form 11 questions:
- 9—any fidelity bond claims made or when a fidelity bond is canceled or revoked
- 11—a change from “no” to “yes” on any part
- 14—“yes” to adjudged bankrupt
- 15—any addition
Investigation and verification
Investigation and verification of biographical affidavits are required on the first filing of an officer or director’s biographical affidavit. Investigation and verification are not required for updates for material changes, felony/fraud or every 36 months, unless explicitly requested by the commissioner.
This regulation does not override the holding company statute, which sets a shorter time frame for filing biographical affidavits