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ID H0358
Bill
Status
3/28/2014
Primary Sponsor
Business Committee
Click for details
AI Summary
HB 358 Summary
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Expands risk-based capital (RBC) reporting requirements to include health organizations and managed care organizations, bringing additional entity types under the RBC regulatory framework.
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Modifies company action level event thresholds for life and health insurers and property/casualty insurers, adjusting the multiplier from 2.5 to 3.0 for certain entities and establishing specific trend test requirements.
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Clarifies confidentiality protections for RBC reports and documents, explicitly prohibiting disclosure to competitors and use in private civil actions, while authorizing director sharing with regulatory agencies under confidentiality agreements.
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Extends RBC compliance requirements to fraternal benefit societies and health service/professional service corporations by amending cross-reference provisions in related insurance code sections.
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Effective date: January 1, 2015.
Legislative Description
Amends existing law to provide for other entities that must file RBC reports; to provide for other entities subject to a company action level event and to provide additional detail for an RBC plan; to provide for other entities who are subject to action by the director following a mandatory control level event; to clarify the protections afforded confidential RBC documents and information; to provide for another entity to fall within the scope of an exemption and to provide additional guidelines to fall within an exemption.
RISK-BASED CAPITAL FOR INSURERS
Last Action
Reported Signed by Governor on March 28, 2014 Session Law Chapter 319 Effective: 01/01/2015
3/28/2014