Amendments for HB24-1321
House Journal, March 7
11 HB24-1321 be amended as follows, and as so amended, be referred to
12 the Committee of the Whole with favorable
13 recommendation:
14
15 Amend printed bill, page 2, lines 2 and 3, strike "amend (3); and add
16 (4.3), (4.7)," and substitute "add (4.3),".
17
18 Page 2, strike lines 6 through 20.
19
20 Page 3, strike line 1.
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22 Page 3, strike line 5 through 11.
23
24 Page 8, line 24, strike "CONDITION" and substitute "CONDITION, AS
25 DEFINED BY RULE OF THE COMMISSIONER,".
26
27 Page 14, line 24, after "NAIC" insert "OR THIRD-PARTY CONSULTANT
28 DESIGNATED BY THE COMMISSIONER".
29
30 Page 14, line 25, after "NAIC" insert "OR THIRD-PARTY CONSULTANT
31 DESIGNATED BY THE COMMISSIONER".
32
33 Page 16, strike lines 25 through 27.
34
35 Page 17, strike lines 1 through 13 and substitute:
36
37 "SECTION 5. In Colorado Revised Statutes, amend 10-3-705 as
38 follows:
39 10-3-705. Rules. (1) The commissioner may adopt rules
40 implementing this part 7.
41 (2) (a) THE COMMISSIONER MAY ADOPT RULES APPLICABLE TO
42 REINSURANCE ARRANGEMENTS DESCRIBED IN THIS SUBSECTION (2)(a).
43 RULES ADOPTED PURSUANT TO THIS SUBSECTION (2) MUST APPLY ONLY TO
44 REINSURANCE RELATING TO:
45 (I) LIFE INSURANCE POLICIES WITH GUARANTEED NONLEVEL GROSS
46 PREMIUMS OR GUARANTEED NONLEVEL BENEFITS;
47 (II) UNIVERSAL LIFE INSURANCE POLICIES WITH PROVISIONS
48 RESULTING IN THE ABILITY OF A POLICYHOLDER TO KEEP A POLICY IN
49 FORCE OVER A SECONDARY GUARANTEE PERIOD;
50 (III) VARIABLE ANNUITIES WITH GUARANTEED DEATH OR LIVING
51 BENEFITS;
52 (IV) LONG-TERM CARE INSURANCE POLICIES; OR
53 (V) OTHER LIFE AND HEALTH INSURANCE AND ANNUITY PRODUCTS
54 AS TO WHICH THE NAIC ADOPTS MODEL REGULATORY REQUIREMENTS
55 WITH RESPECT TO CREDIT FOR REINSURANCE.
1 (b) A RULE ADOPTED PURSUANT TO SUBSECTION (2)(a)(I) OR
2 (2)(a)(II) OF THIS SECTION MUST APPLY TO ANY TREATY CONTAINING:
3 (I) POLICIES ISSUED ON OR AFTER JANUARY 1, 2015; OR
4 (II) POLICIES ISSUED PRIOR TO JANUARY 1, 2015, IF RISK
5 PERTAINING TO PRE-2015 POLICIES IS CEDED IN CONNECTION WITH THE
6 TREATY, IN WHOLE OR IN PART, ON OR AFTER JANUARY 1, 2015.
7 (c) A RULE ADOPTED PURSUANT THIS SUBSECTION (2) MAY
8 REQUIRE THE CEDING INSURER, IN CALCULATING THE AMOUNTS OR FORMS
9 OF SECURITY REQUIRED TO BE HELD UNDER RULES PROMULGATED UNDER
10 THIS SUBSECTION (2), TO USE THE VALUATION MANUAL ADOPTED BY THE
11 NAIC UNDER THE NAIC STANDARD VALUATION LAW, INCLUDING ALL
12 AMENDMENTS ADOPTED BY THE NAIC AND IN EFFECT ON THE DATE ON
13 WHICH THE CALCULATION IS MADE, TO THE EXTENT APPLICABLE.
14 (d) A RULE ADOPTED PURSUANT TO THIS SUBSECTION (2) DOES NOT
15 APPLY TO CESSIONS TO AN ASSUMING INSURER THAT:
702 16 (I) (A) MEETS THE CONDITIONS SET FORTH IN SECTION 10-3-
17 (6.5);
18 (B) IS CERTIFIED IN THIS STATE; OR
19 (C) MAINTAINS AT LEAST TWO HUNDRED FIFTY MILLION DOLLARS
20 IN CAPITAL AND SURPLUS WHEN CALCULATED IN ACCORDANCE WITH THE
21 MOST RECENT NAIC ACCOUNTING PRACTICES AND PROCEDURES MANUAL,
22 AS AMENDED BY THE NAIC, EXCLUDING THE IMPACT OF ANY PERMITTED
23 OR PRESCRIBED PRACTICES; AND
24 (II) IS LICENSED:
25 (A) IN AT LEAST TWENTY-SIX STATES; OR
26 (B) IN AT LEAST TEN STATES AND LICENSED OR ACCREDITED IN A
27 TOTAL OF AT LEAST THIRTY-FIVE STATES.
28 (e) THE AUTHORITY TO ADOPT RULES PURSUANT TO THIS
29 SUBSECTION (2) DOES NOT LIMIT THE COMMISSIONER'S GENERAL
30 AUTHORITY TO ADOPT RULES PURSUANT TO SUBSECTION (1) OF THIS
31 SECTION.
32 (f) AS USED IN THIS SUBSECTION (2), "NAIC" MEANS THE
33 NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS.".
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