(1) Each company must prepare and adopt a conflict of interest statement for officers, directors and key employees. This statement must disclose that the individual does not have outside commitments, personal or otherwise, that would inhibit the individual's duty to further the interests of the company.

(2) The conflict of interest statement need not preclude an individual from being a director or officer of more than one insurance company.

(3) The disclosure statements must be filed annually with the company's board of directors.