Iowa Senate Bill SSB1057

Iowa 2023-2024 Regular Session

• Introduced: 1/18/23
• Refer: 1/18/23

Caption

A bill for an act relating to group capital calculation filings by certain insurance holding company systems.(See SF 190.)

Impact

The implications of SSB1057 are significant for both insurance companies and regulatory bodies. By extending the filing deadline, the bill aims to create a more manageable compliance schedule for insurers, potentially reducing the administrative burden during the busy spring season when many companies are preparing their annual reports and other filings. This change may foster a more efficient regulatory environment by allowing for better preparation and accuracy in financial reporting.

Summary

Senate Study Bill 1057 focuses on the regulations surrounding group capital calculation filings for certain insurance holding company systems in Iowa. The proposed changes primarily impact the requirements for insurers that are part of these holding company systems, specifically altering the timeline for required filings. The bill seeks to eliminate the current requirement to file concurrently with the annual registration, instead extending the deadline for the group capital calculation filings to June 30th, providing companies an additional few months to comply.

Contention

While the bill has support for its aims to ease compliance, there may be points of contention among stakeholders. Critics may argue that extending the deadline could lead to delays in the availability of critical financial information that regulators and the public rely on for assessing the stability and solvency of these insurance entities. There could also be concerns about the balance between easing requirements for businesses and ensuring robust regulatory oversight, particularly in a field as essential as insurance.