Senate Bill 2298

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 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 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 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.

In the Senate

• Videt Carmichael

  Sponsor

• Senate floor amendmentAdopted

  Adopted Feb 1

l9n doesn't hold this bill's text yet.

In the Senate Jan 13 – Feb 1

1. Jan 13Referred to the Senate committees on Insurance and on Accountability, Efficiency, Transparency
2. Jan 18Reported from IN to AC in the Senate: title sufficient, do pass
3. Jan 30Reported from committee in the Senate: title sufficient, do pass
4. Feb 1Amended in the Senate
5. Passed the Senate as amended

In the House of Representatives Feb 3 – Feb 23

1. Feb 3Sent to the House
2. Feb 20Referred to the House committee on Insurance
3. Feb 22Reported from committee in the House: title sufficient, do pass
4. Feb 23Passed the House

To the Governor Feb 24 – Mar 6

1. Feb 24Returned to the Senate for enrolling
2. Feb 27Enrolled bill signed in the Senate
3. Enrolled bill signed in the House
4. Mar 6Approved by the Governor