The bill amends the Insurance Holding Company Law in New Mexico to enhance regulatory oversight of insurance holding companies. It introduces new definitions, including "association," "group-wide supervisor," "internationally active insurance group," and "liquidity stress test framework," among others. The bill mandates that the ultimate controlling person of an insurer file an annual group capital calculation report and establishes criteria for exemptions from this requirement. Additionally, it requires large life insurance companies to conduct and report the results of liquidity stress tests, ensuring that these companies are adequately monitored for financial stability.

Furthermore, the bill allows the superintendent to act as the group-wide supervisor for internationally active insurance groups and outlines the process for determining the appropriate supervisor when multiple jurisdictions are involved. It emphasizes the importance of cooperation among state, federal, and international regulatory agencies in overseeing insurance holding companies. The legislation aims to improve the financial oversight and risk management of insurance companies, thereby enhancing the overall stability of the insurance market in New Mexico.

Statutes affected:
introduced version: 59A-37-2, 59A-37-30, 59A-37-32