SB 983 Summary

• Examiner reports must be filed within 60 days of examination completion; Insurance Department transmits reports to examined entities with 30-day opportunity to submit rebuttals, and commissioner has 30 days to adopt, reject, or call for investigatory hearing.

• Chief executive officer or chief financial officer must present examination reports to the entity's board of directors within 120 days of receipt; board secretary must certify that all directors received copies.

• Commissioner may extend report filing deadlines if state of domicile declared emergency, if foreign insurance regulatory official permitted late filing, or for domestic companies showing good cause.

• Financial analyses, examination workpapers, and condition reports are confidential and not subject to subpoena; commissioner may share with other state/federal insurance departments and law enforcement if recipients agree in writing to maintain confidentiality.

• Allows commissioner to authorize reduction in required trusteed surplus for reinsurers after three years of discontinued underwriting, based on risk assessment finding reduced surplus adequate to protect policyholders.

• Redefines "control" in insurance holding company provisions to include situations where persons exercise influence over management or policies, requiring commissioner findings after notice and hearing.

• Expands affiliate transaction notice requirements to include oral agreements and arrangements, and extends reinsurance threshold to include projected premiums and liabilities for next three years.