House Bill 219 - NAIC Accreditation Amendments

• Establishes group-wide supervision framework for internationally active insurance groups with $50 billion in assets or $10 billion in premiums, with the Commissioner identifying a single group-wide supervisor and coordinating with other state, federal, and international regulators.

• Requires insurers and insurance groups with annual premiums exceeding $500 million (individual) or $1 billion (group) to establish internal audit functions reporting directly to audit committees with organizational independence and unrestricted board access by January 1, 2020.

• Creates Corporate Governance Annual Disclosure (CGAD) requirements for all North Carolina-domiciled insurers, effective January 1, 2020, requiring confidential annual filings describing governance structure, board composition, senior management policies, and risk management processes.

• Designates CGAD documents and related information as confidential and privileged, prohibiting public disclosure without insurer consent while allowing the Commissioner to share information with other regulators and third-party consultants under confidentiality agreements.

• Establishes civil penalties of $100 per day (maximum $1,000) for late CGAD filings and updates definitions regarding fraternal benefit societies and certified reinsurer ratings.