SB344 Summary

• Requires controlling persons divesting insurance company interests to file confidential notice with the commissioner at least 30 days before cessation of control, with the commissioner determining which divestitures require approval

• Adds new filing requirements for acquiring parties, including acknowledgement that the person and subsidiaries will provide enterprise risk information to the commissioner upon request

• Expands registration statement requirements to include statements that the insurer's board oversees corporate governance and internal controls, and that officers/senior management have approved and maintain these procedures

• Allows insurers to satisfy financial statement filing requests by providing parent corporation financial statements filed with the SEC under Securities Act of 1933 or Securities Exchange Act of 1934, rather than requiring separate filings

• Permits the commissioner to request financial statements of insurance holding company systems including all affiliates, improving transparency of enterprise-wide financial conditions