(at the request of Governor John A. Kitzhaber, M.D., for Department of Consumer and Business Services)
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Bill Title:
Relating to risk management for financial solvency of insurers; and declaring an emergency.
Catchline/Summary:
Establishes requirements for certain insurers to conduct own risk and solvency assessment and to file report of assessment with Department of Consumer and Business Services. Establishes requirements for certain insurers to conduct own risk and solvency assessment and to file report of assessment with Department of Consumer and Business Services. Specifies conditions for sharing reports and related information. Requires reports and related information to be privileged and held confidentially by department and others in possession of information.
Requires Director of Department of Consumer and Business Services to value or cause to be valued reserve liabilities for all outstanding accident and health contracts, annuity and pure endowment contracts, deposit-type contracts and life insurance contracts that every insurer issues on or after operative date of valuation manual. Requires insurer with outstanding contracts to submit opinion of appointed actuary as to whether reserves are computed appropriately, are based on assumptions that satisfy contractual provisions, are consistent with reported amounts, comply with laws of state and provide adequately for insurer's obligations under contracts. Specifies standards for actuary's opinion. Requires insurer to support opinion with memorandum.
Specifies minimum standard of valuation. Requires director to prescribe form of valuation manual, adopt valuation manual and specify operative date of valuation manual. Specifies required contents of valuation manual.
Requires insurer to establish reserves in accordance with valuation manual and to submit to director data prescribed in valuation manual. Defines confidential material and specifies circumstances in which director may share or release confidential material.
Makes conforming and related changes to Standard Valuation Law.
Becomes operative January 1, 2016. Requires affected insurers to file first reports for calendar year ending December 31, 2016, as directed in Act.
Declares emergency, effective on passage.
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HB 2469
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