No. SB 1664
Filed under Insurance.
Property Insurer Financial Strength Ratings; Requiring certain annual insurance reports prepared by the Office of Insurance Regulation for the Legislature and the Governor to include the financial strength ratings of property insurers against which delinquency and similar proceedings were instituted; requiring the office to maintain and make available upon request information relating to financial strength ratings of property insurers, etc.
Plain English Summary
AI-GENERATEDThe Office of Insurance Regulation must now track and disclose the financial strength rating of every property insurer each quarter, including rating changes, downgrades, and how many downgraded insurers later faced delinquency proceedings.
When OIR reports each year on insurers that went through delinquency or similar proceedings, that report must now include the insurer's financial strength ratings for the eight fiscal quarters leading up to the proceeding.
Only agencies that rate insurers without being paid by them, and without letting insurers influence the rating, count as an 'independent rating agency' for these new reporting duties.
AIThe Office of Insurance Regulation must maintain, and provide to anyone who asks, the financial strength rating of every property insurer for each calendar quarter, along with quarter-to-quarter rating changes and counts of downgrades, subsequent upgrades, and downgraded insurers that faced delinquency proceedings.
AIThe annual report OIR sends to the Legislature and Governor about insurers that faced delinquency or similar proceedings must now include each such insurer's financial strength ratings for the eight fiscal quarters leading up to that proceeding.
AIThe bill defines 'independent rating agency' narrowly: it must issue ratings without being paid by the insurers it rates and without letting any insurer influence its ratings, among other requirements, before its ratings count toward these reporting duties.