CS/CS/HB 1163 - Insurer Regulatory Reporting

• Creates section 628.8015 requiring all insurers to maintain a risk management framework to identify, assess, monitor, and manage material and relevant risks.

• Mandates own-risk and solvency assessments (ORSA) at least annually for domestic insurers with over $500 million in annual premiums or insurance groups with over $1 billion in premiums, with initial reports due by December 31, 2017.

• Requires annual corporate governance disclosures by June 1 each year (initial disclosure by December 31, 2018) describing governance framework, board policies, senior management practices, and oversight processes.

• Establishes that ORSA reports and corporate governance disclosures are privileged and confidential, not admissible in private civil actions, with limited exceptions for regulatory enforcement actions.

• Authorizes the Office of Insurance Regulation to hire third-party consultants at the insurer's expense to review filings and permits rule adoption by the Financial Services Commission; provides penalties of $100 per day (maximum $10,000) for late or missing submissions.

• Includes sunset provision repealing the law on October 2, 2021 unless related amendments to section 624.4212 are reenacted.