Data calls authorized, group capital calculations established for insurers, insurers required to complete a NAIC liquidity stress test, insurers required to file group capital calculations and results from the NAIC liquidity stress test, insurers required to secure a deposit or bond, limited long-term care insurance provided for and regulated, automobile insurance governing provisions modified, data classified, penalties provided, and technical changes made.
What changed between versions
Added new requirements for insurers to file annual group capital calculations and results from NAIC liquidity stress tests to ensure financial stability.
Added new sections governing the filing of preacquisition notifications and waiting periods for insurance company acquisitions to prevent anti-competitive behavior.
Defined new terms including 'group capital calculation instructions,' 'NAIC liquidity stress test framework,' and 'scope criteria' to guide the new financial reporting requirements.
Established exemptions for certain insurance holding company systems from filing group capital calculations, while retaining the authority for the commissioner to require filings for prudential oversight.
Updated the bill title and posting date to reflect the 2nd Engrossment status and a new timestamp.