On Aug. 27, COL INS proposed rule on holding company systems.
COL INS draft proposed amended regulation, amend COL INS 3-4-1Holding company systems regulation with reporting forms, instructions, and group capital calculation.
Proposed Amendments
Changed format of statement accompanying forms to digital, reduced digital copy to 1.
Amended section on agreements for cost sharing services and management services where books and records include all that otherwise property of insurer, in any form.
Added that books and records of insurer are identifiable; and segregated from all other persons’ records, data, readily capable of segregation at no additional cost to insurer.
Amended to add that if insurer placed in receivership, complete set of records and data of insurer immediately made available to receiver or COL INS, in a usable format.
Also, affiliated person(s) will make available all employees essential to operations of insurer, services associated for immediate continued performance of essential services.
Added new section on insurance holding company system group capital calculation.
Consultation
Comments on draft proposed amended regulation are due on Sep. 3, 2024.
Sep. 2024 COL INS Notice of Hearing
On Sep. 27, 2024, COL INS published hearing notice re Amended Regulation 3-4-1.
The hearing will be held on Oct. 31, 2024, where oral comments can be presented.
Comments are due by Nov. 5. 2024, and regulation becomes effective on Jan. 1, 2025.
