Bill > SB6027

This bill amends the Insurance Holding Company Act in Washington state. The key provisions are: 1. It adds definitions for "group capital calculation instructions," "national association of insurance commissioners liquidity stress test framework," and "scope criteria" related to the group capital calculation and liquidity stress test. 2. It requires the ultimate controlling person of every insurer subject to registration to file an annual group capital calculation, with certain exemptions. It also requires the ultimate controlling person to file the results of a specific year's liquidity stress test if the insurer is scoped into the national association of insurance commissioners liquidity stress test framework. 3. It provides confidentiality protections for the group capital calculation, group capital ratio, liquidity stress test results, and supporting disclosures, limiting how they can be used and published. 4. It allows the insurance commissioner to share confidential information, including the group capital and liquidity information, with other regulators and third-party consultants, subject to confidentiality agreements. Overall, the bill aims to strengthen group-wide supervision and risk assessment for insurance holding company systems by establishing new group capital and liquidity reporting requirements.

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https://app.leg.wa.gov/billsummary?BillNumber=6027&Year=2023&Initiative=false