Senate Bill 141 Summary

• Establishes group-wide supervision framework for internationally active insurance groups by designating a single regulatory official as group-wide supervisor based on factors including location of domicile, executive offices, and regulatory system comparability.

• Defines "internationally active insurance group" as an insurance holding company system writing premiums in at least three countries, with at least 10% of premiums written outside the U.S., and total assets of $50 billion or gross written premiums of $10 billion (based on three-year rolling average).

• Requires insurers with annual premiums exceeding $500 million (or groups exceeding $1 billion) to establish independent internal audit functions reporting directly to the audit committee with annual reporting on audit plans, findings, and management's corrective actions.

• Mandates all insurers domiciled in North Carolina to file a Corporate Governance Annual Disclosure (CGAD) by June 1 each year detailing corporate structure, board composition, senior management qualifications, risk oversight processes, and compensation practices.

• Establishes confidentiality protections for CGAD filings and group-wide supervision documents, allowing the Commissioner to share information with regulatory agencies and NAIC while prohibiting public disclosure without insurer consent; civil penalties of $100 per day (up to $1,000 total) apply for late CGAD filings.