SB2409 Summary

• Changes acquisition of control approval standard so Director shall deny merger if those controlling the company would not (rather than would) be in the best interests of policyholders and the insurance buying public.

• Establishes new group-wide supervision framework for internationally active insurance groups meeting criteria of $50 billion in assets or $10 billion in premiums, with premiums written in at least 3 countries and 10% of premiums outside the United States.

• Authorizes Director to designate a group-wide supervisor for internationally active insurance groups and to engage in group-wide supervision activities including enterprise risk assessment, information collection, and coordination with other regulatory agencies.

• Exempts non-personal financial information submitted in merger and acquisition filings (Sections 131.5-131.10) from confidential treatment requirements, while maintaining confidentiality protections for other documents.

• Permits Director to share confidential information with third-party consultants to assist in Director's duties, and enters into written agreements governing information sharing with NAIC and third-party consultants regarding confidentiality and use protocols.