Insurance holding companies; revises requirements applicable to companies. (HB109)
Introduced By
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Insurance holding companies. Revises the requirements applicable to insurance holding companies to conform to the National Association of Insurance Commissioners' Insurance Holding Company System Regulatory Act and Insurance Holding Company System Model Regulation. The measure expands insurance regulators' examination authority to ascertain the financial condition of the insurer. The bill (i) requires the ultimate controlling person of an insurance holding company system to submit a confidential Enterprise Risk filing; (ii) requires the parent company seeking to divest its interest in an insurance company subsidiary to provide notice to the domestic regulator prior to the divestiture; (iii) requires the insurer's board of directors to make statements regarding the corporate governance and internal control responsibilities within the registration statement; (iv) subjects the cost-sharing services and management agreements among affiliated entities to minimum reporting requirements; and (v) adds confidentiality protections for information shared. The State Corporation Commission will be authorized to participate in supervisory colleges, which will be used by regulators to coordinate supervision of an insurance holding company system that has national and international operations. The measure also makes dental and optometric services plans subject to the insurance holding company provisions, and dental plan organizations subject to requirements regarding risk-based capital. The holding companies requirements in effect on June 30, 2014, will continue to apply to any insurance holding company transaction commenced prior to January 1, 2015, unless otherwise provided. Read the Bill »
Outcome
History
Date | Action |
---|---|
12/16/2013 | Committee |
12/16/2013 | Prefiled and ordered printed; offered 01/08/14 14103059D |
12/16/2013 | Referred to Committee on Commerce and Labor |
01/14/2014 | Reported from Commerce and Labor with amendment (21-Y 0-N) (see vote tally) |
01/16/2014 | Read first time |
01/17/2014 | Read second time |
01/17/2014 | Committee amendment agreed to |
01/17/2014 | Engrossed by House as amended HB109E |
01/17/2014 | Printed as engrossed 14103059D-E |
01/20/2014 | Impact statement from SCC (HB109) |
01/20/2014 | Read third time and passed House BLOCK VOTE (96-Y 0-N) |
01/20/2014 | VOTE: BLOCK VOTE PASSAGE (96-Y 0-N) (see vote tally) |
01/21/2014 | Impact statement from SCC (HB109E) |
01/21/2014 | Constitutional reading dispensed |
01/21/2014 | Referred to Committee on Commerce and Labor |
01/23/2014 | Impact statement from SCC (HB109) |
01/23/2014 | Impact statement from SCC (HB109E) |
02/24/2014 | Reported from Commerce and Labor (16-Y 0-N) (see vote tally) |
02/26/2014 | Constitutional reading dispensed (38-Y 0-N) |
02/27/2014 | Read third time |
02/27/2014 | Passed Senate (40-Y 0-N) |
03/04/2014 | Enrolled |
03/04/2014 | Bill text as passed House and Senate (HB109ER) |
03/04/2014 | Signed by Speaker |
03/05/2014 | Impact statement from SCC (HB109ER) |
03/07/2014 | Signed by President |
03/27/2014 | G Approved by Governor-Chapter 309 (effective 7/1/14) |
03/27/2014 | G Acts of Assembly Chapter text (CHAP0309) |