HB 5792 Summary

• Replaces references to "Commissioner of the Office of Financial and Insurance Services" with "Director of the Department of Insurance and Financial Services" throughout the Insurance Code.

• Requires controlling persons of domestic insurers to file a confidential notice of proposed divestiture at least 30 days before cessation of control, with the director determining which transactions require approval.

• Establishes annual enterprise risk reporting requirements for ultimate controlling persons of insurers, with exemptions available for entities meeting specific criteria (charitable organizations, long-term stable ownership, strong financial ratings).

• Authorizes the director to participate in supervisory colleges for domestic insurers with international operations and to share confidential information with other state, federal, and international regulators under confidentiality agreements.

• Imposes civil fines up to $1,000 per day (maximum $50,000) for failure to file required registration statements, and up to $10,000 per violation for directors and officers who knowingly engage in unauthorized material transactions or provide false statements.