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SB831 • 2025

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.

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.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor
Last action
2025-06-06
Official status
Chapter Number Assigned
Effective date
Not listed

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

  1. 2025-06-06 Senate

    Chapter 174, 2025 Laws.

  2. 2025-06-06 Senate

    Effective on the 91st day following adjournment sine die.

  3. 2025-05-27 Senate

    Governor signed.

  4. 2025-05-20 House

    Speaker signed.

  5. 2025-05-19 Senate

    President signed.

  6. 2025-05-15 House

    Third reading. Carried by Walters. Passed. Ayes, 51; Excused, 7--Edwards, Helm, Nguyen H, Owens, Smith G, Wallan, Wright; Excused for Business of the House, 1--Sanchez.

  7. 2025-05-14 House

    Rules suspended. Carried over to May 15, 2025 Calendar.

  8. 2025-05-13 House

    Second reading.

  9. 2025-05-12 House

    Recommendation: Do pass.

  10. 2025-05-06 House

    Work Session held.

  11. 2025-05-01 House

    Public Hearing held.

  12. 2025-04-15 House

    Referred to Commerce and Consumer Protection.

  13. 2025-04-10 Senate

    Third reading. Carried by Bonham. Passed. Ayes, 26; Nays, 1--Robinson; Excused, 3--Linthicum, Thatcher, Woods.

  14. 2025-04-10 House

    First reading. Referred to Speaker's desk.

  15. 2025-04-09 Senate

    Carried over to 04-10 by unanimous consent.

  16. 2025-04-08 Senate

    Second reading.

  17. 2025-04-07 Senate

    Recommendation: Do pass with amendments. (Printed A-Eng.)

  18. 2025-04-01 Senate

    Work Session held.

  19. 2025-03-26 Senate

    Public Hearing held.

  20. 2025-02-20 Senate

    Public Hearing held.

  21. 2025-01-17 Senate

    Referred to Labor and Business.

  22. 2025-01-13 Senate

    Introduction and first reading. Referred to President's desk.

Official Summary Text

Digest: Makes changes to this state's insurance laws to update rules that make sure that insurers have enough money to keep going. (Flesch Readability Score: 65.7).
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.
<b>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.</b>
Takes effect on the 91st day following adjournment sine die.
Relating to: Relating to insurance accreditation; and prescribing an effective date.
Current location: Chapter Number Assigned