OregonRelating to insurance accreditation; and prescribing an effective date.
What it does
Requires the person that has ultimate control over an insurer to file a group capital calculation with the chief insurance regulatory official of the state that the Director of the Department of Consumer and Business Services determines is the lead state for the insurance holding company system of which the insurer is a part. Unless exempted from the requirement to file the group capital calculation, the person must file a group capital calculation made in accordance with standards that the National Association of Insurance Commissioners adopts. Requires insurers that meet one or more scope criteria during a given data year to conduct and report the results of a liquidity stress test in accordance with a framework adopted by the National Association of Insurance Commissioners.
More detail
Specifies scope criteria for determining which insurers are subject to the requirement. Requires a deposit or bond from an insurer that the director determines is in a hazardous financial condition or a condition that would be grounds for supervision, conservation or delinquency proceedings. Gives the director discretion to determine the amount of the deposit or bond and the contract or contracts to which the deposit or bond applies. Subjects affiliates to the jurisdiction and authority of a supervisor, conservator, rehabilitator or liquidator appointed for an insurer for the purpose of interpreting, enforcing and overseeing the affiliate's obligations under a contract or agreement to perform services for the insurer. Requires the chief insurance regulatory official to maintain the confidentiality of certain information that the chief insurance regulatory official receives from an insurance holding company system. Prohibits an insurer, broker or other person engaged in any manner in the insurance business from making, publishing, disseminating or circulating a statement or representation with respect to the information. Takes effect on the 91st day following adjournment sine die.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Jun 6Effective on the 91st day following adjournment sine die.Latest
- Jun 6Chapter 174, 2025 Laws.
- May 28Governor Tina Kotek signed.Became Law
- May 20Speaker signed.Major
- May 19President signed.Major
- May 15Third reading. Carried by Walters. Passed.Passed House
- Vote recorded Third reading. Carried by Walters. Passed. Result: pass.Lower
- May 14Rules suspended. Carried over to May 15, 2025 Calendar.
- May 13Second reading.Minor
- May 12Recommendation: Do pass.Minor
- May 6Work Session held.
- Vote recorded Heard and Reported Out. Result: pass.Lower
- May 1Public Hearing held.
- Apr 15Referred to Commerce and Consumer Protection.Minor
- Apr 10First reading. Referred to Speaker's desk.Minor
- Vote recorded Third reading. Carried by Bonham. Passed. Result: pass.Upper
- Apr 10Third reading. Carried by Bonham. Passed.Passed Senate
- Apr 9Carried over to 04-10 by unanimous consent.
- Apr 8Second reading.Minor
- Apr 7Recommendation: Do pass with amendments. (Printed A-Eng.)Minor
- Apr 1Work Session held.
- Vote recorded Heard and Reported Out with Amendments. Result: pass.Upper
- Mar 27Public Hearing held.
- Feb 20Public Hearing held.
- Jan 17Referred to Labor and Business.Minor
- Jan 13Introduction and first reading. Referred to President's desk.Introduced