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Committee backs updates to insurer holding‑company rules to adopt NAIC group capital, liquidity and receivership tools
Summary
The Senate Industry and Business Committee heard testimony supporting House Bill 11‑24 to adopt National Association of Insurance Commissioners (NAIC) updates to holding company law including a group capital calculation, a liquidity stress test and receivership protections; the committee moved a due‑pass recommendation.
The Senate Industry and Business Committee voted to recommend passage of House Bill 11‑24 after testimony that the bill would modernize North Dakota’s insurance holding‑company statutes by adopting model provisions from the National Association of Insurance Commissioners (NAIC).
Matt Fisher, division director of company licensing and examinations at the North Dakota Insurance Department, told the committee he supports the bill and said it aligns state law with NAIC accreditation requirements. "This bill amends the existing insurance holding company statutes to reflect the changes made by the National Association of Insurance Commissioners," Fisher said.
Fisher told the committee the bill has three primary…
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