NC H288

Revises insurance holding company system regulations to maintain NAIC accreditation, including new definitions for enterprise risk, executive officers, and various filing forms (Forms A through F).

Requires ultimate controlling persons of registered insurers to file annual enterprise risk reports identifying material risks within insurance holding company systems effective January 1, 2016.

Updates risk-based capital requirements for life insurers, modifying the company action level event definition effective January 1, 2017.

Establishes corporate governance standards for risk retention groups, requiring majority independent boards, limits on service provider contracts, written policies on board responsibilities, and codes of business conduct.

Allows insurers to offer optional automobile and homeowners insurance enhancements as endorsements outside Rate Bureau authority, and permits electronic display of insurance proof on mobile devices.