SF 190 (LSB 1698SV (1) 90)

SENATE FILE 190

BY  COMMITTEE ON COMMERCE

(SUCCESSOR TO SSB 1057)

A BILL FOR

An Act relating to group capital calculation filings by certain insurance holding company systems.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 521A.4, subsection 13, paragraph a, unnumbered paragraph 1, Code 2023, is amended to read as follows:
   The ultimate controlling person of every insurer subject to registration shall concurrently file with the registration an annual group capital calculation on or before June 30. The calculation must be completed in accordance with the group capital calculation instructions, and must be filed with the lead state commissioner of the insurance holding company system as determined by the procedures in the most recent financial analysis handbook published by the NAIC. As permitted by the group capital calculation instructions, the lead state commissioner may allow a controlling person, other than the ultimate controlling person, to file the group capital calculation. The following insurance holding company systems are exempt from filing the group capital calculation:
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill relates to group capital calculation filings by certain insurance holding company systems (holding company). Under current law, certain insurers that are authorized to do business in this state and that are members of a holding company must annually register by March 31 with the commissioner of insurance, and concurrently file a group capital calculation.
   The bill eliminates the concurrent filing requirement and extends the annual filing deadline for the group capital calculation to June 30.