HB 3381
Relating to insurance holding company systems
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill aims to strengthen the regulation of insurance holding companies in West Virginia. It requires these companies to file detailed reports with the state insurance commissioner, including group capital calculations and liquidity stress tests, and aligns these reporting requirements with the National Association of Insurance Commissioners (NAIC). The bill also establishes rules regarding data ownership, affiliate oversight, and confidentiality of supervisory information, aiming to improve the state’s ability to monitor and manage the financial stability of insurance holding companies.
Key provisions
- Requires insurance holding company systems to annually file a group capital calculation with the lead state insurance commissioner.
- Mandates the filing of results from a liquidity stress test, compliant with the NAIC framework.
- Establishes standards for transactions within insurance holding company systems to ensure fairness and protect policyholders.
- Requires insurers to maintain control over data held by affiliates.
- Permits the insurance commissioner to require deposits or bonds for hazardous financial conditions.
- Defines key terms related to insurance holding company systems and related concepts.
- Prohibits the sharing of certain insurance holding company system information with external organizations.
- Establishes a supervisory college to facilitate coordination among regulators.
Who is affected
- Insurance companies
- Insurance holding companies
- West Virginia Insurance Commissioner
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