Did not become law. It stopped in the House of Representatives's Insurance Committee on January 31, 2017. The 2017 session has ended.
2017 Regular Session
House Bill 706
Insurance companies; revise laws regulating holding companies and credit for reinsurance, require risk and solvency assessments.
What it does
The synopsis the Legislature published with the bill.
AN ACT TO AMEND SECTION 83-6-1, MISSISSIPPI CODE OF 1972, TO DEFINE THE TERMS "GROUP-WIDE SUPERVISOR" AND "INTERNATIONALLY ACTIVE INSURANCE GROUP" AS USED IN THE INSURANCE HOLDING COMPANY ACT; TO AMEND SECTION 83-6-21, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT NO DOMESTIC INSURER SHALL PAY AN EXTRAORDINARY DIVIDEND UNTIL THE COMMISSIONER OF INSURANCE HAS RECEIVED NOTICE OF THE DECLARATION AND HAS NOT DISAPPROVED THE PAYMENT; TO AMEND SECTION 83-6-24, MISSISSIPPI CODE OF 1972, TO REQUIRE THE FILING OF A PREACQUISITION NOTIFICATION WITH THE COMMISSIONER OF INSURANCE; TO CREATE A NEW CODE SECTION TO REGULATE ACQUISITIONS INVOLVING INSURERS NOT OTHERWISE COVERED; TO AMEND SECTION 83-6-27, MISSISSIPPI CODE OF 1972, TO REVISE THE AUTHORITY OF THE COMMISSIONER TO CONDUCT A FINANCIAL EXAMINATION OF REGISTERED INSURERS OR AFFILIATES; TO CREATE A NEW CODE SECTION TO AUTHORIZE THE COMMISSIONER OF INSURANCE TO PARTICIPATE IN A SUPERVISORY COLLEGE WITH OTHER INSURANCE REGULATORS IN ORDER TO ASSESS THE BUSINESS STRATEGY, FINANCIAL POSITION, LEGAL AND REGULATORY POSITION, RISK EXPOSURE, RISK MANAGEMENT AND GOVERNANCE PROCESSES, AND AS PART OF THE EXAMINATION OF INDIVIDUAL INSURERS; TO CREATE A NEW CODE SECTION TO AUTHORIZE THE COMMISSIONER OF INSURANCE TO ACT AS THE GROUP-WIDE SUPERVISOR FOR ANY INTERNATIONALLY ACTIVE INSURANCE GROUP; TO AMEND SECTIONS 83-19-151, 83-19-153 AND 83-19-157, MISSISSIPPI CODE OF 1972, UNDER THE CREDIT FOR INSURANCE ACT TO REQUIRE MORE COMPREHENSIVE REGULATION OF REINSURANCE AGREEMENTS; TO CREATE NEW CODE SECTION 83-19-159, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE APPLICABILITY OF THE ACT TO REINSURANCE AGREEMENTS; TO CREATE THE "OWN RISK AND SOLVENCY ASSESSMENT ACT"; TO PROVIDE FOR THE PURPOSE AND SCOPE OF THE ACT; TO DEFINE CERTAIN TERMS USED IN THE ACT; TO REQUIRE INSURERS TO CONDUCT AN OWN RISK AND SOLVENCY ASSESSMENT AND FILE WITH THE COMMISSIONER AN ORSA SUMMARY REPORT; TO PROVIDE EXEMPTIONS; TO REQUIRE CERTAIN CONTENTS OF THE ORSA SUMMARY REPORT; TO REQUIRE THE CONFIDENTIALITY OF CERTAIN DOCUMENTS, MATERIALS OR OTHER INFORMATION IN THE POSSESSION OF OR CONTROL OF THE DEPARTMENT OF INSURANCE THAT ARE OBTAINED UNDER THE ACT; TO PROVIDE SANCTIONS FOR FAILING TO TIMELY FILE AN ORSA SUMMARY REPORT; AND FOR RELATED PURPOSES.
Sponsors
Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.
In the House of Representatives
Sponsor
Its course
January 13 to January 31, 2017, on one scale. In the top row each mark is a day something happened; taller marks are busier days.
Each committee stop sits inside its chamber.
Every action2 actions on 2 days
In the House of RepresentativesJan 13 to Jan 31 · stopped18 days
InsuranceJan 13 to Jan 31 · stopped18 days
Text
Each version as the Legislature printed it.
l9n doesn't hold this bill's text yet.
What happened
In l9n's words, one line for each step. Every action as the Legislature published it is below.