Iowa Senate Bill SF190

Iowa 2023-2024 Regular Session

• Introduced: 2/1/23

Caption

A bill for an act relating to group capital calculation filings by certain insurance holding company systems.(Formerly SSB 1057.)

Impact

With the passage of SF190, the annual filing deadline for group capital calculations will be extended to June 30, thereby alleviating the burden of concurrent filings. This amendment is expected to provide more flexibility for insurance holding companies, allowing them additional time to gather and report the necessary financial information. By potentially simplifying compliance for these entities, the bill could help enhance operational efficiency within the state's insurance sector.

Summary

Senate File 190 is a legislative proposal that primarily relates to the filing requirements for group capital calculations by certain insurance holding company systems in Iowa. The bill amends existing provisions under Section 521A.4 of Iowa's insurance code, which currently mandates that insurers within a holding company must register by March 31 and submit a concurrent group capital calculation to the insurance commissioner. This change aims to streamline the filing process for these companies.

Contention

Although the bill seems to provide benefits in terms of regulatory efficiency, it may also spark discussion regarding the adequacy of oversight on insurance companies. Extending filing deadlines could raise concerns among stakeholders about the timeliness and accuracy of financial disclosures. Critics may argue that this change could lead to less transparency in the insurance sector, while proponents assert that it merely modernizes the filing process without compromising the integrity of financial reporting and supervision.