Bill > HB1497

This bill updates Oklahoma's insurance laws by making several key modifications to existing statutes. The bill introduces new definitions and requirements for insurance holding company systems, particularly focusing on internationally active insurance groups. It mandates that insurers register with the Insurance Commissioner and provide detailed information about their financial structure, ownership, management, and transactions with affiliates. Notably, the bill requires ultimate controlling persons of insurers to file an annual enterprise risk report, a group capital calculation, and participate in a Liquidity Stress Test if they meet certain criteria. The bill also strengthens confidentiality provisions, ensuring that sensitive financial documents, group capital calculations, and liquidity stress test results are treated as proprietary and trade secret information. Specifically, the Commissioner is prohibited from publicly sharing these confidential documents without the insurer's consent, with some exceptions for regulatory purposes. The bill introduces new terms like "NAIC Liquidity Stress Test Framework" and "Group Capital Calculation Instructions" and provides detailed guidance on when and how insurers must report this information. The changes aim to enhance regulatory oversight of insurance holding company systems while protecting sensitive financial information. The bill will become effective on November 1, 2025.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1497&Session=2600