SB 206
Requires insurers to file own risk and solvency assessment summary reports with the Department of Insurance, Financial Institutions, and Professional Registration
Sponsor:
LR Number:
0597S.01I
Last Action:
2/10/2015 - Voted Do Pass S Small Business, Insurance and Industry Committee
Journal Page:
Title:
Calendar Position:
Effective Date:
August 28, 2015

Current Bill Summary

SB 206 - This bill enacts the provisions of the model legislation of the own risk and solvency assessments ("ORSA") legislation developed by the National Association of Insurance Commissioners ("NAIC"). The purpose of the model legislation is to allow large- and medium-sized insurers to develop their own model of current and future financial risk and allow regulators to determine how insurers will react to financial stress.

Beginning January 1, 2016, insurers must file an ORSA summary report with the Director of the Department of Insurance, Financial Institutions and Professional Registration ("director") at the request of director but no more than once each year. The ORSA summary report shall be prepared consistent with the current version of the ORSA guidance manual developed and adopted by the NAIC. Insurers may be exempt from the requirements of the act if they meet certain criteria or are granted a waiver by the director per the terms of the act.

All documents, materials, or other information, including the ORSA summary report, disclosed to the director under these provisions are recognized by this state as being proprietary and to contain trade secrets and must be confidential by law and privileged and not subject to disclosure under Chapter 610, RSMo, the Open Meetings and Records Law, commonly known as the Sunshine Law; be subject to subpoena; or be subject to discovery or admissible in evidence in any private civil action. In order to assist in the performance of regulatory duties, the director may share, upon request, ORSA related information with other state, federal, and international financial regulatory agencies, the NAIC, and third-party consultants designated by the director provided that the recipient has the legal authority to and agrees in writing to maintain the confidentiality and privileged status of the information. The director must not make the documents, materials, or other information public without the prior written consent of the insurer. Any insurer failing without just cause to timely file a required ORSA summary report commits a level two violation with respect to each day's delay.

This act is identical to HB 1183 (2014).

MICHELA BIRK

Amendments