SB 1448 Summary

• Authorizes the Insurance Commissioner to hold public hearings on insurance holding company acquisition of control statements, with parties having rights to present evidence, examine witnesses, and offer arguments; allows consolidated hearings with commissioners from other states.

• Requires controlling persons divesting insurance company interests to file confidential notice at least 30 days prior to loss of control, with the Commissioner determining when approval is required.

• Mandates ultimate controlling persons of registered insurers file annual enterprise risk reports identifying material risks within the holding company system that could adversely affect the insurer's financial condition or liquidity.

• Expands affiliate transaction notice requirements to include amendments/modifications of previous agreements and pooling agreements, requiring statements of reasons for changes and financial impact.

• Establishes supervisory colleges allowing the Commissioner to participate with other state, federal, and international regulators to assess insurer business strategy, financial position, risk exposure, and governance; clarifies confidentiality protections for registration and examination information while permitting sharing with regulatory agencies under specified conditions.