CT SB00196

Establishes the Insurance Commissioner as a "group-wide supervisor" for internationally active insurance groups (insurance holding company systems with registered companies) effective October 1, 2014.

Authorizes the Commissioner to determine if Connecticut is the appropriate group-wide supervisor based on factors including location of home office, executive offices, business operations, assets, and whether another jurisdiction's regulatory system is substantially equivalent.

Grants the Commissioner authority to assess enterprise risks, request information from group members about governance and capital adequacy, compel risk mitigation measures, and communicate with other insurance regulators through supervisory colleges.

Allows the Commissioner to acknowledge another jurisdiction's chief insurance regulatory official as group-wide supervisor if the group does not conduct substantial insurance business in Connecticut or if the other jurisdiction provides reasonably reciprocal recognition and cooperation.

Requires registered insurance companies to pay reasonable expenses for the Commissioner's administration of group-wide supervision and amends existing confidentiality and examination provisions to include group-wide supervisory activities.