HB969: Insurance; update regulation of company holding systems

Legislative Summary

A BILL to be entitled an Act to amend Chapter 13 of Title 33 of the Official Code of Georgia Annotated, relating to insurance holding company systems, so as to update the regulation of insurance company holding systems per direction from the National Association of Insurance Commissioners; to provide for definitions; to provide guidelines for group capital calculation in insurance company holding systems; to provide guidelines for liquidity stress test framework in insurance company holding systems; to provide standards governing transactions within an insurance holding company system when an insurer is deemed to be in a hazardous financial condition; to provide protections for an affiliate in an insurance holding company system when a domestic insurer is subject to certain proceedings; to provide clarifications on confidentiality and to extend confidentiality protections to third-party consultants designated by the Commissioner; to provide for related matters; to provide for an effective date; to repeal conflicting laws; and for other purposes.