Bill > HB5382

This bill modifies the operations of Special Purpose Financial Captives (SPFCs), which are entities formed to insure specific risks, often through securitization. Key changes include clarifying that certain actions related to securities issued for securitization and substitutions of swap transaction counterparties are not considered material changes to an SPFC's plan of operation. The bill also updates reporting requirements, mandating that SPFCs file audited financial statements and statements of operations with the director (formerly commissioner) within specific timeframes after their fiscal year ends, and clarifies accounting principles for these reports. Furthermore, it grants the director authority to request interim reports and outlines penalties for failing to file reports or respond to inquiries, including civil penalties and potential proceedings. The bill also addresses the preservation and location of SPFC records, allowing for electronic storage and off-site maintenance with the director's approval, and clarifies that this section does not affect the authority of the corporation and securities commissioner.