HB 71 Summary

• Adds definition of "group-wide supervisor" as the regulatory official authorized to conduct group-wide supervision of internationally active insurance groups, and defines "internationally active insurance group" as an insurance holding company system with insurers in at least three countries, at least 10% of premiums written outside the U.S., and either $50 billion in assets or $10 billion in gross written premiums.

• Authorizes the Idaho Director of Insurance to act as group-wide supervisor for internationally active insurance groups or acknowledge another regulatory official as supervisor based on factors including insurer domicile, top-tiered insurer location, executive office location, regulatory system similarity, and reciprocal cooperation.

• Grants the director authority to assess enterprise risks, request information on governance and capital adequacy, coordinate with other regulatory agencies, enter into supervisory agreements, and engage in other group-wide supervision activities when serving as group-wide supervisor.

• Requires registered insurers subject to group-wide supervision to pay the director's reasonable expenses, including attorneys, actuaries, and travel costs.

• Expands confidentiality protections in Section 41-3816 to include information reported pursuant to group-wide supervision provisions and clarifies procedures for sharing confidential information with state, federal, and international regulatory agencies and the National Association of Insurance Commissioners.