Sec. 823.0145. SUPERVISORY COLLEGES. (a) With respect to any insurer registered under Subchapter B, and in accordance with Subsection (c), the commissioner may participate in a supervisory college for a domestic insurer that is part of an insurance holding company system with international operations in order to determine the insurer's compliance with this chapter. The commissioner may:
(1) initiate the establishment of a supervisory college;
(2) clarify the membership and participation of other entities in the supervisory college;
(3) clarify the functions of the supervisory college and the role of other entities in the supervisory college;
(4) establish a group-wide supervisor;
(5) coordinate the ongoing activities of the supervisory college, including meetings, regulatory activities, and processes for information sharing; and
(6) establish a crisis management plan.
(b) In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management and governance processes, and as part of the examination of individual insurers under Subchapter H, the commissioner may participate in a supervisory college with other entities that regulate the insurer or its affiliates, including other state, federal, and international regulatory entities. The commissioner may enter into agreements under Section 823.011 to cooperate with other regulatory entities. Nothing in this section shall be construed as delegating to the supervisory college the commissioner's authority to regulate the insurer or its affiliates.
(c) A registered insurer subject to this section shall pay the reasonable expenses, including reasonable travel expenses, of the commissioner's participation in a supervisory college under Subsection (b). For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the entities that regulate the insurer or its affiliates, and the commissioner may establish a regular assessment to the insurer for the payment of expenses related to the regulation of the insurer.
Added by Acts 2011, 82nd Leg., R.S., Ch. 922 (S.B. 1431), Sec. 4, eff. September 1, 2011.
Section: Previous 823.008 823.009 823.010 823.011 823.012 823.013 823.014 823.0145 823.015 823.051 823.052 823.053 823.054 823.055 823.056 NextLast modified: September 28, 2016