CS for CS for SB 1308 - Insurer Solvency

• Increases the acquisition threshold for insurer stock acquisitions requiring regulatory approval from 5 percent to 10 percent of outstanding voting securities, effective January 1, 2015.

• Creates new valuation standards for life insurance policies and contracts issued after the operative date of the NAIC's valuation manual, including requirements for principle-based valuations, actuarial opinions, and appointed actuary certifications.

• Requires insurers reinsuring through captive insurance companies to file annual reports with specific financial information about reinsurance assumed by each captive.

• Implements groupwide supervision provisions for international insurance groups and supervisory college participation by the Office of Insurance Regulation to assess insurer risk and financial condition.

• Extends solvency and risk-based capital requirements to health maintenance organizations and prepaid limited health service organizations authorized in multiple states or jurisdictions, effective January 1, 2015.