A bill for an act relating to group capital calculation filings by certain insurance holding company systems.(Formerly SSB 1057.)
Impact
With the passage of SF190, the annual filing deadline for group capital calculations will be extended to June 30, thereby alleviating the burden of concurrent filings. This amendment is expected to provide more flexibility for insurance holding companies, allowing them additional time to gather and report the necessary financial information. By potentially simplifying compliance for these entities, the bill could help enhance operational efficiency within the state's insurance sector.
Summary
Senate File 190 is a legislative proposal that primarily relates to the filing requirements for group capital calculations by certain insurance holding company systems in Iowa. The bill amends existing provisions under Section 521A.4 of Iowa's insurance code, which currently mandates that insurers within a holding company must register by March 31 and submit a concurrent group capital calculation to the insurance commissioner. This change aims to streamline the filing process for these companies.
Contention
Although the bill seems to provide benefits in terms of regulatory efficiency, it may also spark discussion regarding the adequacy of oversight on insurance companies. Extending filing deadlines could raise concerns among stakeholders about the timeliness and accuracy of financial disclosures. Critics may argue that this change could lead to less transparency in the insurance sector, while proponents assert that it merely modernizes the filing process without compromising the integrity of financial reporting and supervision.
Similar To
A bill for an act relating to group capital calculation filings by certain insurance holding company systems. (Formerly HSB 101.) Effective date: 07/01/2023.
Authorizing the commissioner of insurance to select and announce the version of certain instructions, calculations and documents in effect for the upcoming calendar year and cause such announcement to be published in the Kansas register, allowing certain life insurers to follow health financial reports and adopting certain provisions from the national association of insurance commissioners holding company system regulatory act relating to group capital calculations and liquidity stress testing.
Authorizing the commissioner of insurance to select and announce the version of certain instructions, calculations and documents in effect for the upcoming calendar year and cause such announcement to be published in the Kansas register, allowing certain life insurers to follow health financial reports and adopting certain provisions from the national association of insurance commissioners holding company system regulatory act relating to group capital calculations and liquidity stress testing.
A bill for an act relating to captive insurance companies and life captive reinsurance companies, and including civil penalties.(Formerly SF 2446, SSB 3179.)
A bill for an act relating to captive insurance companies and life captive reinsurance companies, and including civil penalties.(Formerly SSB 3179; See SF 2499.)