HB 78 Summary

• Requires insurers domiciled in Alaska and insurance groups to submit corporate governance annual disclosures to the director by June 1 each year, with penalties of $1,000 per day (up to $365,000) for non-compliance without just cause.

• Authorizes the director to act as group-wide supervisor for internationally active insurance groups meeting criteria of $50 billion in assets or $10 billion in premiums, with operations in at least three countries and 10 percent of premiums from outside the United States.

• Establishes confidentiality protections for corporate governance disclosures and group-wide supervision information, prohibiting discovery and testimony about such materials in private civil actions and precluding admissibility as evidence.

• Allows the director to retain third-party consultants (attorneys, actuaries, accountants) to review disclosures at the insurer's expense, with written agreements requiring conflict-of-interest verification and maintaining confidentiality standards.

• Amends insurance holding company transaction thresholds to reference "previous calendar year" instead of year in which transaction occurred, affecting materiality standards for affiliate transactions requiring director approval.