SB2298 Summary

• Amends insurance holding company regulations to define "group-wide supervisor" and "internationally active insurance group," enabling the commissioner to supervise large insurance groups with international operations.

• Requires domestic insurers to notify the commissioner before paying extraordinary dividends and prohibits payment until 30 days after notification unless the commissioner approves or fails to disapprove.

• Creates comprehensive reinsurance credit regulations including a new "certified reinsurer" classification with specific capital, rating, and security requirements for assuming insurers not meeting traditional criteria.

• Establishes the "Own Risk and Solvency Assessment Act" requiring insurers with over $500 million in annual direct written premium to conduct annual risk assessments and file confidential summary reports with the commissioner.

• Requires preacquisition notifications for acquisitions involving insurers and authorizes the commissioner to review competitive impacts under specified market share thresholds.