Relating to insurance accreditation; and prescribing an effective date.
What changed between versions
Added new definitions for 'enterprise risk', 'group capital calculation', 'internationally active insurance group', 'NAIC liquidity stress test framework', and 'scope criteria' to clarify regulatory requirements.
Updated the definition of 'insurer' to exclude federal, state, and local government agencies and authorities.
Requires insurers meeting certain criteria to conduct and report liquidity stress tests based on National Association of Insurance Commissioners standards.
Mandates that persons with ultimate control over insurers file group capital calculations with state regulators unless exempted.
Requires deposit or bond from insurers determined to be in hazardous financial condition or facing supervision proceedings.
Requires chief insurance regulatory official to maintain confidentiality of certain information received from insurance holding company systems.
Subjects affiliates to the jurisdiction of supervisors, conservators, or liquidators appointed for insurers to enforce affiliate obligations.