OR HB2469 | 2015 | Regular Session
Status
Completed Legislative Action
Spectrum: Unknown
Status: Passed on July 1 2015 - 100% progression
Action: 2015-07-01 - Chapter 547, (2015 Laws): Effective date June 25, 2015.
Text: Latest bill text (Engrossed) [PDF]
Spectrum: Unknown
Status: Passed on July 1 2015 - 100% progression
Action: 2015-07-01 - Chapter 547, (2015 Laws): Effective date June 25, 2015.
Text: Latest bill text (Engrossed) [PDF]
Summary
Establishes requirements for certain insurers to conduct own risk and solvency assessment and to file report of assessment with Department of Consumer and Business Services. Specifies conditions for sharing reports and related information. Requires reports and related information to be privileged and held confidentially by department and others in possession of information. Requires Director of Department of Consumer and Business Services to value or cause to be valued reserve liabilities for all outstanding accident and health contracts, annuity and pure endowment contracts, deposit-type contracts and life insurance contracts that every insurer issues on or after operative date of valuation manual. Requires insurer with outstanding contracts to submit opinion of appointed actuary as to whether reserves are computed appropriately, are based on assumptions that satisfy contractual provisions, are consistent with reported amounts, comply with laws of state and provide adequately for insurer's obligations under contracts. Specifies standards for actuary's opinion. Requires insurer to support opinion with memorandum. Specifies minimum standard of valuation. Requires director to prescribe form of valuation manual, adopt valuation manual and specify operative date of valuation manual. Specifies required contents of valuation manual. Requires insurer to establish reserves in accordance with valuation manual and to submit to director data prescribed in valuation manual. Defines confidential material and specifies circumstances in which director may share or release confidential material. Makes conforming and related changes to Standard Valuation Law. Becomes operative January 1, 2016. Requires affected insurers to file first reports for calendar year ending December 31, 2016, as directed in Act. Declares emergency, effective on passage.
Title
Relating to risk management for financial solvency of insurers; and declaring an emergency.
Sponsors
| No sponsor information available at this time. |
Roll Calls
2015-06-15 - House - House Third Reading in Concurrence (Y: 50 N: 10 NV: 0 Abs: 0) [PASS]
2015-06-11 - Senate - Senate Third Reading (Y: 27 N: 2 NV: 0 Abs: 1) [PASS]
2015-06-01 - Senate - Senate Committee Do pass with amendments to the A-Eng bill. (Printed B-Eng.) (Y: 4 N: 0 NV: 0 Abs: 1) [PASS]
2015-04-28 - House - House Third Reading (Y: 37 N: 23 NV: 0 Abs: 0) [PASS]
2015-04-20 - House - House Committee Do pass as amended and be printed engrossed (Y: 6 N: 5 NV: 0 Abs: 0) [PASS]
2015-04-08 - House - House Committee Do pass and be referred to Tax Credits by prior reference (Y: 10 N: 0 NV: 0 Abs: 0) [PASS]
2015-06-11 - Senate - Senate Third Reading (Y: 27 N: 2 NV: 0 Abs: 1) [PASS]
2015-06-01 - Senate - Senate Committee Do pass with amendments to the A-Eng bill. (Printed B-Eng.) (Y: 4 N: 0 NV: 0 Abs: 1) [PASS]
2015-04-28 - House - House Third Reading (Y: 37 N: 23 NV: 0 Abs: 0) [PASS]
2015-04-20 - House - House Committee Do pass as amended and be printed engrossed (Y: 6 N: 5 NV: 0 Abs: 0) [PASS]
2015-04-08 - House - House Committee Do pass and be referred to Tax Credits by prior reference (Y: 10 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2015-07-01 | House | Chapter 547, (2015 Laws): Effective date June 25, 2015. |
| 2015-06-25 | House | Governor signed. |
| 2015-06-18 | Senate | President signed. |
| 2015-06-18 | House | Speaker signed. |
| 2015-06-15 | House | House concurred in Senate amendments and repassed bill.Ayes, 50; Nays, 10--Barreto, Buehler, Gilliam, Nearman, Smith, Sprenger, Stark, Weidner, Whitsett, Wilson. |
| 2015-06-11 | Senate | Third reading. Carried by Thomsen. Passed.Ayes, 27; nays, 2--Shields, Whitsett; excused, 1--Johnson. |
| 2015-06-10 | Senate | Second reading. |
| 2015-06-09 | Senate | Recommendation: Do pass with amendments to the A-Eng. bill. (Printed B-Eng.) |
| 2015-06-01 | Senate | Public Hearing and Work Session held. |
| 2015-05-01 | Senate | Referred to Business and Transportation. |
| 2015-04-29 | Senate | First reading. Referred to President's desk. |
| 2015-04-28 | House | Third reading. Carried by Barton. Passed.Ayes, 37; Nays, 23--Barreto, Bentz, Buehler, Esquivel, Gilliam, Hack, Hayden, Heard, Johnson, Kennemer, Krieger, McLane, Nearman, Olson, Parrish, Post, Smith, Sprenger, Stark, Weidner, Whisnant, Whitsett, Wilson. |
| 2015-04-27 | House | Second reading. |
| 2015-04-24 | House | Recommendation: Do pass with amendments and be printed A-Engrossed. |
| 2015-04-20 | House | Work Session held. |
| 2015-02-25 | House | Public Hearing held. |
| 2015-01-16 | House | Referred to Business and Labor. |
| 2015-01-12 | House | First reading. Referred to Speaker's desk. |
