SB 72 Summary

• Creates corporate governance annual disclosure requirements for Alaska-domiciled insurers and insurance groups, due to the director by June 1 each year, with CEO or corporate secretary certification of compliance.

• Establishes penalties of $1,000 per day (not to exceed $365,000) for late filing of corporate governance disclosures without just cause.

• Adds group-wide supervision authority for internationally active insurance groups, allowing the director to act as or acknowledge another regulatory official as group-wide supervisor based on specific criteria.

• Designates "internationally active insurance groups" as those with insurers writing premiums in at least three countries, at least 10% of premiums from outside the U.S., and total assets of $50 billion or gross written premiums of $10 billion (three-year rolling average).

• Establishes confidentiality protections for corporate governance disclosures and related information shared with the National Association of Insurance Commissioners and third-party consultants, including restrictions on permanent data storage and requirements for written insurer consent before public disclosure.