Bill > SB831

This bill introduces several significant changes to Oregon's insurance regulations, focusing on enhancing oversight and transparency within insurance holding company systems. The bill adds new definitions related to group capital calculations and liquidity stress test frameworks, which are methodologies developed by the National Association of Insurance Commissioners (NAIC) to assess the financial health of insurance companies. Specifically, insurers that meet certain criteria will now be required to file annual group capital calculations and conduct liquidity stress tests, with exemptions for smaller or specialized insurers. The bill also strengthens regulations around transactions between insurers and their affiliates, requiring clearer documentation, fair pricing, and giving the Director of the Department of Consumer and Business Services more oversight powers. Additionally, the bill includes provisions to protect insurers' data and records when held by affiliates and restricts public statements about group capital calculations and liquidity stress test results to prevent potentially misleading information. These changes are designed to improve financial monitoring, protect policyholders, and align Oregon's insurance regulations with national standards. The amendments will become operative on January 1, 2026, giving insurance companies time to prepare for the new requirements.

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https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/SB831