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Chapter 382

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  382.176.  Group capital calculation, filing of report — exemptions — exceptions to the exemption. — 1.  Except as provided in subdivisions (1) to (7)* of this section, the ultimate controlling person of every insurer subject to registration shall file an annual group capital calculation as directed by the lead state director.  The report shall be completed in accordance with the NAIC group capital calculation instructions, which may permit the lead state director to allow a controlling person who is not the ultimate controlling person to file the group capital calculation.  The report shall be filed with the lead state director of the insurance holding company system as determined by the director in accordance with the procedures within the Financial Analysis Handbook adopted by the NAIC.  The following insurance holding company systems are exempt from filing the group capital calculation:

  (1)  An insurance holding company system that has only one insurer within its holding company structure, that only writes business and is only licensed in its domestic state, and assumes no business from any other insurer;

  (2)  An insurance holding company system that is required to perform a group capital calculation specified by the United States Federal Reserve Board.  The lead state director shall request the calculation from the Federal Reserve Board under the terms of information sharing agreements in effect.  If the Federal Reserve Board cannot share the calculation with the lead state director, the insurance holding company system is not exempt from the group capital calculation filing;

  (3)  An insurance holding company system whose non-U.S. groupwide supervisor is located within a reciprocal jurisdiction as described in section 375.246 that recognizes the U.S. state regulatory approach to group supervision and group capital; and

  (4)  An insurance holding company system:

  (a)  That provides information to the lead state that meets the requirements for accreditation under the NAIC financial standards and accreditation program, either directly or indirectly through the groupwide supervisor, who has determined such information is satisfactory to allow the lead state to comply with the NAIC group supervision approach, as detailed in the Financial Analysis Handbook adopted by the NAIC; and

  (b)  Whose non-U.S. groupwide supervisor who is not in a reciprocal jurisdiction recognizes and accepts, as specified by the director in regulation, the group capital calculation as the worldwide group capital assessment for U.S. insurance groups that operate in that jurisdiction.

  2.  Notwithstanding the provisions of subdivisions (3) and (4) of subsection 1 of this section, a lead state director shall require the group capital calculation for U.S. operations of any non-U.S. based insurance holding company system where, after any necessary consultation with other supervisors or officials, it is deemed appropriate by the lead state director for prudential oversight and solvency monitoring purposes or for ensuring the competitiveness of the insurance marketplace.

  3.  Notwithstanding the exemptions from filing the group capital calculation stated in subdivisions (1) to (4) of subsection 1 of this section, the lead state director has the discretion to exempt the ultimate controlling person from filing the annual group capital calculation or to accept a limited group capital filing or report in accordance with criteria as specified in regulations promulgated by the director.

  4.  If the lead state director determines that an insurance holding company system no longer meets one or more of the requirements for an exemption from filing the group capital calculation under this section, the insurance holding company system shall file the group capital calculation at the next annual filing date unless given an extension by the lead state director based on reasonable grounds shown.


(L. 2021 S.B. 6)

*Subdivisions (5), (6), and (7) of subsection 1 do not exist.

---- end of effective  28 Aug 2021 ----

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