Substitute Senate Bill 169 Summary

• Authorizes the Superintendent of Insurance to act as or select a group-wide supervisor for internationally active insurance groups that meet specified criteria involving premium volume, asset thresholds, and multi-country operations.

• Establishes procedures for identifying and acknowledging group-wide supervisors through cooperation with state, federal, and international regulatory agencies, with consideration of insurer domicile, executive office location, and regulatory sufficiency.

• Creates a new limited lines travel insurance agent license and authorizes travel retailers to sell travel insurance on behalf of licensed agents without separate licensing, subject to training, disclosure, and compliance requirements.

• Modifies delinquency proceedings involving insurer-members of federal home loan banks by limiting court stay periods to ten days and requiring federal home loan banks to provide collateral release timelines and loan restructuring options.

• Establishes licensing fees for limited lines travel insurance agents not exceeding $50 for initial application and $50 for biennial renewal.