SB 881 Summary

• Reinsurance Credit Reform: Clarifies and expands credit for reinsurance requirements, including establishing new "certified reinsurer" status for assuming insurers meeting specified standards, and allows domestic property and casualty insurers a retaliatory tax credit for taxes/fees paid to other states.

• Insurance Holding Company Regulation: Adds enterprise risk definitions and group-wide supervision provisions, including requirements for internationally active insurance groups to file annual enterprise risk reports and establishes supervisory colleges for multistate coordination.

• Risk Management and Own Risk Assessment: Creates new Risk Management and Own Risk Assessment Act requiring insurers to maintain risk management frameworks and file confidential own risk and solvency assessment reports with the commissioner.

• Life Insurance Valuation Standards: Adopts the National Association of Insurance Commissioners' Standard Valuation Law for Life Insurance and Annuities, including principle-based reserve valuation requirements, qualified actuary opinions, and detailed confidentiality protections for actuarial materials.

• Insurance Investment and Operational Updates: Allows insurers to borrow surplus using cash or admitted assets, permits foreign securities investments, expands mortgage-backed securities definitions, and updates market conduct annual statement filing requirements for long-term care insurance.