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AL SB166
Bill
Status
2/2/2022
Primary Sponsor
Shay Shelnutt
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AI Summary
SB166 Summary
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Reduces minimum interest rate for individual deferred annuities from 1% to 15 basis points (0.15%) and exempts contingent deferred annuities from standard nonforfeiture requirements, allowing the Commissioner to establish rules for their nonforfeiture benefits.
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Establishes group capital calculation and liquidity stress test requirements for insurance holding company systems, requiring ultimate controlling persons to file annual reports with the lead state commissioner.
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Expands confidentiality protections for group capital calculations, liquidity stress test results, and related information shared with the Commissioner, NAIC, and third-party consultants.
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Revises small company alternative valuation provisions under the Standard Valuation Law, changing eligibility from "all" conditions to "at least one" of two conditions: less than $300 million in exemption premium or group combined premium under $600 million.
Legislative Description
Insurance Dept., life and annuity policies, standard nonforfeiture law for individual deferred annuities, group capital calculation and stress test, providing for holding companies, duties to Commission and lead state commissioner, small company alternative valuation provision, exemptions, exemption premium based on valuation manual of NAIC, Commissioner of Insurance may regulate by rule, Secs. 27-15-28.2, 27-29-1, 27-29-3, 27-29-4, 27-29-7, 27-36A-20 am'd.
Insurance
Last Action
Read for the first time and referred to the Senate committee on Banking and Insurance
2/2/2022