On May 1, HWI LEG passed bill with various insurance code updates.
HWI LEG passed bill SB 3083/HB 2394 making amendments to the insurance code.
Makes changes to HWI INS 431:11-105 (registration of insurers), HWI INS 431:11-106 (Standards and management of an insurer within a holding company system).
Adopts NAIC Model 440 revisions, Insurance holding company system regulatory act.
Adds definitions for group capital calculation instructions, liquidity stress test framework, scope criteria; gives materiality applicability and reporting requirements.
Outlines responsibilities of ultimate controlling person, liquidity stress test framework.
Legislative History
On Jan. 24, 2024, bill introduced in Senate; on Mar. 5, 2024, bill passed in Senate.
On Mar. 5, 2024, bill introduced in the House; on Mar. 7, 2024, bill passed in House.
On May 1, 2024, passed final reading as amended in both the House and Senate.
