SF2825 Summary

• Modifies continuing education requirements for insurance coordinators, including provisions for electronic delivery of course completion certificates and 10-day submission deadlines

• Establishes qualified financial contract protections allowing counterparties to enforce netting agreements, setoff rights, and termination provisions during insurer insolvency proceedings, with damages measured as of termination date

• Updates Life and Health Insurance Guaranty Association coverage limits: $500,000 for life insurance death benefits, $500,000 for health insurance, and $250,000-$410,000 for annuities depending on type

• Modifies annuity contract requirements effective January 1, 2011, including restrictions on treating death benefit payments as surrenders and prohibitions on surrender penalties

• Implements risk-based capital reporting requirements for fraternal benefit societies, establishing action level and authorized control level events with corresponding commissioner powers to require corrective plans or regulatory intervention