HB 1132 Summary

• Creates new sections establishing supervisory colleges and groupwide supervision requirements for internationally active insurance groups, allowing the commissioner to coordinate with other state, federal, and international regulators.

• Defines "enterprise risk" as activities or circumstances involving affiliates that could materially harm an insurer's financial condition, risk-based capital, or liquidity if not remedied promptly.

• Establishes "groupwide supervisor" authority for the commissioner to oversee insurance holding company systems with international operations and sets factors for determining the appropriate groupwide supervisor.

• Expands confidentiality protections for insurance department documents and information shared with other regulators, national association of insurance commissioners, and law enforcement agencies under specific written agreements.

• Modifies penalties and enforcement mechanisms, replacing criminal classifications with specified fine amounts (up to $50,000 for companies; up to $10,000 for individuals) for willful violations and false filings.