Senate Study Bill 1057 - Introduced SENATE FILE _____ BY (PROPOSED COMMITTEE ON COMMERCE BILL BY CHAIRPERSON BROWN) A BILL FOR An Act relating to group capital calculation filings by certain 1 insurance holding company systems. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 1698XC (2) 90 ko/rn
S.F. _____ Section 1. Section 521A.4, subsection 13, paragraph a, 1 unnumbered paragraph 1, Code 2023, is amended to read as 2 follows: 3 The ultimate controlling person of every insurer subject to 4 registration shall concurrently file with the registration an 5 annual group capital calculation on or before June 30 . The 6 calculation must be completed in accordance with the group 7 capital calculation instructions, and must be filed with the 8 lead state commissioner of the insurance holding company system 9 as determined by the procedures in the most recent financial 10 analysis handbook published by the NAIC. As permitted by 11 the group capital calculation instructions, the lead state 12 commissioner may allow a controlling person, other than 13 the ultimate controlling person, to file the group capital 14 calculation. The following insurance holding company systems 15 are exempt from filing the group capital calculation: 16 EXPLANATION 17 The inclusion of this explanation does not constitute agreement with 18 the explanation’s substance by the members of the general assembly. 19 This bill relates to group capital calculation filings 20 by certain insurance holding company systems (holding 21 company). Under current law, certain insurers that are 22 authorized to do business in this state and that are members 23 of a holding company must annually register by March 31 with 24 the commissioner of insurance, and concurrently file a group 25 capital calculation. 26 The bill eliminates the concurrent filing requirement and 27 extends the annual filing deadline for the group capital 28 calculation to June 30. 29 -1- LSB 1698XC (2) 90 ko/rn 1/ 1