Set minimum financial security benchmark for insurer greater of authorized control level risk-based capital or minimum capital or minimum surplus for maintenance.
If insurer falls below 3.5x authorized control level risk capital applicable to insurer, the UTA INS commissioner may issue order specifying a minimum financial security.
Described authorized investments, where insurer may loan or invest insurer's funds.
Insurer also authorized to buy, sell, hold title to, possess, occupy, pledge, convey, manage, protect, insure, deal with insurer's investments, property, and other assets.
Bill established prudence evaluation criteria; requires insurer establish, follow written investment policy; described authorized classes of investments insurer may make.
Established limitation of classes of investments; requires insurer doing business in different currencies have securities in each17currency that meet requirements of act.
Prohibited insurer from making certain types of investments; established effect of investment restrictions on insurers; provided insurers guidelines for required reports
Authorized commissioner to retain experts when analyzing insurer's investments, and for the commissioner to issue orders regarding an insurer's investment practices.
Described how administrative hearing are conducted; exempted investment policy subject from definition of record per Government records access and management act.
Legislative History
On Jan. 21, 2025, bill introduced into Senate; on Jan. 27. 2025, bill passed Senate.
On Jan. 27, 2025, bill introduced into House; on Feb. 12, 2025, bill passed the House.
On Mar. 12, 2025, bill delivered to governor; on Mar. 26, 2025, signed by governor.
Effectiveness
Bill takes effect on May 7, 2025.
Regulators
UTA LEG
Entity Types
Ins
Reference
Bill SB0049, 3/26/2025; Citation: *UTA INS* 31A-18, 31A-18-101, 31A-18-102, 31A-18-103, 31A-18-105, 31A-18-106, 31A-18-107, 31A-18-108, 31A-18-110; UTA LEG 63G-2-103;
Functions
Compliance; Financial; Legal; Record Retention; Risk
