H.B. 2392 Summary

• Creates a "certificate of dormancy" process for captive insurance companies that have never conducted business or have ceased operations with no remaining liabilities, requiring $25,000 in capital and a $300 annual renewal fee.

• Expands the definition of "trade name" to include "doing business as" names and requires licensees to register trade names with the Department of Commerce and Consumer Affairs before use.

• Modifies continuing education examination requirements for self-study courses to include specification that examination contents need not be filed with the commissioner upon request.

• Eliminates bond and errors and omissions insurance requirements for reinsurance intermediary-managers from the commissioner's discretionary authority and moves them to mandatory requirements imposed by reinsurers themselves.

• Increases surety bond requirements for third party administrators from $100,000 to $300,000 for license renewals and separates audited financial statement filing deadlines from annual report deadlines (due June 1 instead of March 1).

• Expands "controlled unaffiliated business" and "participant" definitions for sponsored captive insurance companies to include controlled unaffiliated business entities of participants.