CA AB494

Requires ultimate controlling persons of registered insurers to file an annual group capital calculation concurrently with registration, with specified exemptions for single-insurer systems, Federal Reserve-regulated entities, and reciprocal jurisdictions.

Authorizes the lead state commissioner to require group capital calculations for non-United States-based insurance holding company systems if deemed appropriate for prudential oversight, solvency monitoring, or marketplace competitiveness.

Requires insurers scoped into the NAIC Liquidity Stress Test Framework to file liquidity stress test results with the lead state commissioner, with scope criteria reviewed annually.

Modifies confidentiality provisions to allow the commissioner to share proprietary documents and information with third-party consultants designated by the commissioner, in addition to the NAIC, while maintaining strict confidentiality requirements for group capital calculations and liquidity stress test information.

Establishes legislative findings demonstrating that confidentiality protections for proprietary information and trade secrets serve important state interests under California Constitutional provisions requiring justification for public records limitations.