CT SB00023

Establishes a framework for designating a single "group-wide supervisor" to oversee internationally active insurance groups that meet specific criteria: write premiums in at least three countries, have at least 10% of gross premiums written outside the United States, and have total assets of at least $50 billion or gross written premiums of at least $10 billion (based on three-year rolling average).

Grants the Connecticut Insurance Commissioner authority to determine if Connecticut is the appropriate group-wide supervisor or to acknowledge another jurisdiction's regulatory official as the group-wide supervisor, based on factors including location of member companies' domicile, top-tiered company location, executive offices, and whether other jurisdictions have substantially similar regulatory systems.

Authorizes the Commissioner to conduct group-wide supervision activities including assessing enterprise risks, requesting information from group members, coordinating risk mitigation measures, communicating with other regulators through supervisory colleges, and entering into agreements with other jurisdictions.

Requires the Commissioner to notify affected insurance companies and controlling persons of pending determinations, allow 30 days for submission of additional information, and publish a list of internationally active insurance groups subject to Connecticut group-wide supervision.

Makes registered insurance companies liable for and required to pay reasonable expenses of the Commissioner's administration of group-wide supervision, effective October 1, 2015.