SB 831 Oregon Senate · 2025 Regular Session

Relating to insurance accreditation; and prescribing an effective date.

Summary
Requires the person that has ultimate control over an insurer to file a group capital calculation with the chief insurance regulatory official of the state that the Director of the Department of Consumer and Business Services determines is the lead state for the insurance holding company system of which the insurer is a part. Unless exempted from the requirement to file the group capital calculation, the person must file a group capital calculation made in accordance with standards that the National Association of Insurance Commissioners adopts. Requires insurers that meet one or more scope criteria during a given data year to conduct and report the results of a liquidity stress test in accordance with a framework adopted by the National Association of Insurance Commissioners. Specifies scope criteria for determining which insurers are subject to the requirement. Requires a deposit or bond from an insurer that the director determines is in a hazardous financial condition or a condition that would be grounds for supervision, conservation or delinquency proceedings. Gives the director discretion to determine the amount of the deposit or bond and the contract or contracts to which the deposit or bond applies. Subjects affiliates to the jurisdiction and authority of a supervisor, conservator, rehabilitator or liquidator appointed for an insurer for the purpose of interpreting, enforcing and overseeing the affiliate's obligations under a contract or agreement to perform services for the insurer. Requires the chief insurance regulatory official to maintain the confidentiality of certain information that the chief insurance regulatory official receives from an insurance holding company system. Prohibits an insurer, broker or other person engaged in any manner in the insurance business from making, publishing, disseminating or circulating a statement or representation with respect to the information. Takes effect on the 91st day following adjournment sine die.
Bill status signed all 5 stages cleared
Introduction
Jan 2025
Committee Review
May 2025
Senate Passage
May 2025
House Passage
May 2025
Signed into Law
May 2025
Introduced Jan 13, 2025 Signed May 28, 2025
Maddy AI version diff · 2 comparisons

What changed between versions

A-Engrossed Enrolled · 7 edits · May 28, 2025
MODERATE
This bill updates Oregon's insurance laws to strengthen oversight of insurance companies and their parent holding companies. It adds new definitions for enterprise risk, group capital calculations, and internationally active insurance groups, requiring more detailed financial reporting and stress testing. The changes aim to ensure insurers maintain sufficient capital and liquidity to protect policyholders and the state's financial system.
Scope change
The bill expands applicability to include internationally active insurance groups and clarifies requirements for insurance holding company systems, while adding specific thresholds for what constitutes enterprise risk.
DEFINITION

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.

REQUIREMENT

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.

ENFORCEMENT

Subjects affiliates to the jurisdiction of supervisors, conservators, or liquidators appointed for insurers to enforce affiliate obligations.

Floor votes · Senate Apr 10, 2025 · House May 15, 2025

How they voted

261
Passed · 2 other
Total votes 29
Apr 10, 2025
D Democratic17
17 Yea
100% Yea
R Republican12
9 Yea 1 Nay 2
75% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
22
Key actions
7
Committee
4
May 28, 2025
Signed into law
Governor signed.
upper
May 20, 2025
Lower · Passed
Speaker signed.
lower
May 19, 2025
Upper · Passed
President signed.
upper
May 15, 2025
Lower · Passed
Third reading. Carried by Walters. Passed.
lower
May 12, 2025
Lower · Passed
Recommendation: Do pass.
lower
Apr 15, 2025
Committee
Referred to Commerce and Consumer Protection.
lower
Apr 10, 2025
Introduced
First reading. Referred to Speaker's desk.
lower
Apr 10, 2025
Upper · Passed
Third reading. Carried by Bonham. Passed.
upper
Apr 7, 2025
Upper · Passed
Recommendation: Do pass with amendments. (Printed A-Eng.)
upper
Jan 17, 2025
Committee
Referred to Labor and Business.
upper
Jan 13, 2025
Introduced
Introduction and first reading. Referred to President's desk.
upper
0 primary · 0 co-sponsors

Sponsors

No sponsor information available.