SB 800
Relating to insurance holding company systems
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill aims to strengthen oversight of insurance holding companies in West Virginia. It requires these companies to file annual group capital calculations and liquidity stress tests with the state insurance commissioner, aligning with National Association of Insurance Commissioners (NAIC) standards. The bill also establishes rules regarding data ownership, affiliate supervision, and confidentiality of information shared with regulatory bodies, including the NAIC, to ensure financial stability and protect policyholders.
Key provisions
- Requires annual group capital calculations to be filed with the lead state insurance commissioner.
- Requires insurance companies to conduct and report liquidity stress tests following NAIC guidelines.
- Establishes rules regarding data ownership and control within insurance holding company systems.
- Mandates confidentiality of information shared with the NAIC.
- Requires insurers to notify the commissioner of significant transactions with affiliates.
- Defines key terms related to insurance holding company systems and financial risk.
- Outlines procedures for supervisory colleges and collaboration between regulators.
- Specifies exemptions for certain insurance holding company systems from filing requirements.
Who is affected
- Insurance companies
- Insurance holding companies
- West Virginia Insurance Commissioner
- Policyholders
- Affiliates of insurance companies
Notable changes
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