Clarifications on the Biographical Affidavit Regulation

Key management personnel

  1. 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.
  2. 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:

Material change

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.

Holding companies

This regulation does not override the holding company statute, which sets a shorter time frame for filing biographical affidavits

Updated 03/27/2014

See also

Need more help?