(at the request of Governor Kate Brown for Department of Consumer and Business Services)
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Bill Title:
Relating to modernizing insurance corporate governance; and declaring an emergency.
Catchline/Summary:
Provides that Director of Department of Consumer and Business Services must act as, or acknowledge another regulatory official as, group-wide supervisor for internationally active insurance group. Provides that Director of Department of Consumer and Business Services must act as, or acknowledge another regulatory official as, group-wide supervisor for internationally active insurance group. Specifies criteria for and conditions under which director must assume authority to act as group-wide supervisor or acknowledge other regulatory official's authority as group-wide supervisor. Specifies actions director may take as group-wide supervisor.
Requires insurer or insurance group to submit corporate governance annual disclosure to director, or other regulatory official in lead state, in accordance with schedule director specifies by rule. Specifies corporate level of organization at which insurer or insurance group may choose to make corporate governance annual disclosure.
Specifies confidentiality requirements for documents, materials and other information that director receives, obtains, creates or discloses to, or receives in disclosure from, another person. Specifies conditions under which director may share documents, materials or other information and requirements for recipients of shared documents, materials or other information.
Specifies that if director places insurer under supervision, liquidation or rehabilitation, director retains authority over insurer's operations and over transactions in which insurer engages within insurance holding company system of which insurer is member.
Specifies period within which health benefit plan carrier may cancel coverage in identified circumstances.
Becomes operative on January 1, 2018.
Declares emergency, effective on passage.
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SB 97
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