§ 521a-6b

521A.6B Group-wide supervision of internationally active insurance groups. 1. a. The commissioner may act as the group-wide supervisor of an internationally active insurance group in accordance with the provisions of this section. However, thecommissioner may authorize another regulatory official to act as the group-wide supervisorwhere the internationally active insurance group meets any of the following conditions: (1) Does not have substantial insurance operations in the United States.(2) Has substantial insurance operations in the United States, but not in Iowa.(3) Has substantial insurance operations in the United States and in Iowa, but the commissioner has determined pursuant to the factors set forth in subsections 2 and 6 thatanother regulatory official is the appropriate group-wide supervisor. b. In response to a request from an insurance holding company system that does not otherwise qualify as an internationally active insurance group, the commissioner may makea determination of or acknowledge a group-wide supervisor for such an insurance holdingcompany system pursuant to this section. 2. a.

internationally active insurance group, the commissioner may makea determination of or acknowledge a group-wide supervisor for such an insurance holdingcompany system pursuant to this section. 2. a. In cooperation with other state, federal, and international regulatory agencies, the commissioner shall identify a single group-wide supervisor for an internationally activeinsurance group. The commissioner may determine that the commissioner is the appropriategroup-wide supervisor for an internationally active insurance group that conducts substantialinsurance operations concentrated in this state, or the commissioner may acknowledge thata regulatory official from another jurisdiction is the appropriate group-wide supervisor forthe internationally active insurance group. In making a determination or acknowledgmentunder this paragraph 'a', the commissioner shall consider the following factors: (1) The place of domicile of the insurers within the internationally active insurance group that hold the largest share of the group’s written premiums, assets, or liabilities. (2) The place of domicile of the top-tiered insurers in the insurance holding company system of the internationally

hat hold the largest share of the group’s written premiums, assets, or liabilities. (2) The place of domicile of the top-tiered insurers in the insurance holding company system of the internationally active insurance group. (3) The location of the executive offices or largest operational offices of the internationally active insurance group. (4) Whether another regulatory official is acting as or is seeking to act as the group-wide supervisor of the internationally active insurance group under a regulatory system that thecommissioner determines to be either of the following: (a) Substantially similar to the system of regulation provided under the laws of this state.(b) Otherwise sufficient in terms of providing for group-wide supervision, enterprise risk analysis, and cooperation with other regulatory officials. (5) Whether another regulatory official acting as or seeking to act as the group-wide supervisor for the internationally active insurance group provides the commissioner withreasonably reciprocal recognition and cooperation. b. Notwithstanding paragraph 'a', even if the commissioner is identified pursuant to this subsection as the group-wide supervisor of an

issioner withreasonably reciprocal recognition and cooperation. b. Notwithstanding paragraph 'a', even if the commissioner is identified pursuant to this subsection as the group-wide supervisor of an internationally active insurance group, thecommissioner may determine that it is appropriate to acknowledge another regulatory officialto serve as the group-wide supervisor of the internationally active insurance group. c. The acknowledgment of a group-wide supervisor pursuant to this subsection shall be made after consideration of the factors listed in paragraph 'a', subparagraphs (1) through (5),and shall be made in cooperation with and subject to the acknowledgment of other regulatoryofficials involved with supervision of members of the internationally active insurance group,and in consultation with the internationally active insurance group. 3. Notwithstanding any other provision of law, when another regulatory official is acting as the group-wide supervisor of an internationally active insurance group, the commissionershall acknowledge that regulatory official as the group-wide supervisor of the internationallyactive insurance group.

oup-wide supervisor of an internationally active insurance group, the commissionershall acknowledge that regulatory official as the group-wide supervisor of the internationallyactive insurance group. However, the commissioner shall make a new determination oracknowledgment as to the appropriate group-wide supervisor for the internationally activeinsurance group in the event that a material change in the internationally active insurancegroup results in either of the following: a. The internationally active insurance group’s insurers domiciled in Iowa holding the largest share of the group’s premiums, assets, or liabilities. Sat Dec 23 00:52:33 2023 Iowa Code 2024, Section 521A.6B (9, 0) §521A.6B, INSURANCE HOLDING COMPANY SYSTEMS 2 b. Iowa being the place of domicile of the top-tiered insurers in the insurance holding company system of the internationally active insurance group. 4. Pursuant to section 521A.6, the commissioner is authorized to collect from any insurer registered pursuant to section 521A.4 all information necessary to determinewhether it is appropriate for the commissioner to act as the group-wide supervisor of aninternationally active insurance group or to

d pursuant to section 521A.4 all information necessary to determinewhether it is appropriate for the commissioner to act as the group-wide supervisor of aninternationally active insurance group or to acknowledge another regulatory official toact as the group-wide supervisor of the internationally active insurance group. Prior toissuing a determination or acknowledgment pursuant to this section, the commissionershall notify the insurer registered pursuant to section 521A.4 and the ultimate controllingperson within the internationally active insurance group of the pending determination oracknowledgment. The insurer and the internationally active insurance group shall have notless than thirty days to provide the commissioner with additional information pertinent tothe commissioner’s pending determination or acknowledgment. The commissioner shallpublish the identity of the internationally active insurance groups that the commissioner hasdetermined are subject to group-wide supervision by the commissioner. 5. If a determination is made that the commissioner is the appropriate group-wide supervisor for an internationally active insurance group, the commissioner is authorized toengage in

he commissioner. 5. If a determination is made that the commissioner is the appropriate group-wide supervisor for an internationally active insurance group, the commissioner is authorized toengage in any of the following group-wide supervision activities: a. Assessing the enterprise risks within the internationally active insurance group to ensure all of the following: (1) That the material financial condition and liquidity risks to members of the internationally active insurance group that are engaged in the business of insurance areidentified by management. (2) That reasonable and effective mitigation measures are in place.b. Requesting, from any member of an internationally active insurance group subject to the commissioner’s group-wide supervision, information necessary and appropriate toassess enterprise risk, including but not limited to information about the members of theinternationally active insurance group regarding all of the following: (1) Governance, risk assessment, and management.(2) Capital adequacy.(3) Material intercompany transactions.c. Coordinating and, through the authority of the regulatory officials of the jurisdictions where members of the internationally

management.(2) Capital adequacy.(3) Material intercompany transactions.c. Coordinating and, through the authority of the regulatory officials of the jurisdictions where members of the internationally active insurance group are domiciled, compellingthe development and implementation of reasonable measures designed to ensure that theinternationally active insurance group is able to timely recognize and mitigate enterpriserisks to members of the internationally active insurance group that are engaged in thebusiness of insurance. d. Communicating with other state, federal, and international regulatory agencies for members within the internationally active insurance group and sharing relevant information,subject to the confidentiality provisions of section 521A.7, through supervisory colleges asset forth in section 521A.6A or otherwise. e. Entering into agreements with or obtaining documentation from any insurer registered under section 521A.4, any member of an internationally active insurance group, and any otherstate, federal, or international regulatory agency for members of the internationally activeinsurance group, that provides the basis for or otherwise clarifies the

ctive insurance group, and any otherstate, federal, or international regulatory agency for members of the internationally activeinsurance group, that provides the basis for or otherwise clarifies the commissioner’s roleas group-wide supervisor of an internationally active insurance group, including provisionsfor resolving disputes with other regulatory officials. Such agreements or documentationshall not serve as evidence in any proceeding that any insurer or person within an insuranceholding company system not domiciled or incorporated in this state is doing business in thisstate or is otherwise subject to jurisdiction in this state. f. Other activities of group-wide supervision, consistent with the authority and purposes set forth in this section, as considered necessary by the commissioner. 6. If the commissioner acknowledges that another regulatory official from a jurisdiction that is not accredited by the national association of insurance commissioners is thegroup-wide supervisor of an internationally active insurance group, the commissioner Sat Dec 23 00:52:33 2023 Iowa Code 2024, Section 521A.6B (9, 0) may reasonably cooperate through a supervisory college or otherwise,

sor of an internationally active insurance group, the commissioner Sat Dec 23 00:52:33 2023 Iowa Code 2024, Section 521A.6B (9, 0) may reasonably cooperate through a supervisory college or otherwise, with group-widesupervision undertaken by that regulatory official provided that all of the following occur: a. The commissioner’s cooperation is in compliance with the laws of this state.b. The regulatory official acknowledged as the group-wide supervisor of the internationally active insurance group also recognizes and cooperates with thecommissioner’s activities as a group-wide supervisor for other internationally activeinsurance groups, where applicable. If such recognition and cooperation is not reasonablyreciprocal, the commissioner may refuse recognition and cooperation to that regulatoryofficial. 7. The commissioner is authorized to enter into agreements with or obtain documentation from any insurer registered under section 521A.4, any affiliate of the insurer, and any otherstate, federal, or international regulatory agency for members of the internationally activeinsurance group, that provides the basis for or otherwise clarifies another regulatory official’srole as group-wide

ederal, or international regulatory agency for members of the internationally activeinsurance group, that provides the basis for or otherwise clarifies another regulatory official’srole as group-wide supervisor of an internationally active insurance group. 8. An insurer registered under section 521A.4 that is subject to this section shall be liable for and shall pay the reasonable expenses of the commissioner’s participation in theadministration of this section, including the engagement of attorneys, actuaries, accountants,and other experts not otherwise a part of the commissioner’s staff and all reasonabletravel expenses. Any persons so retained shall be under the direction and control of thecommissioner and shall act in a purely advisory capacity. 9. The commissioner shall adopt rules pursuant to chapter 17A to administer this section.2016 Acts, ch 1122, §10; 2016 Acts, ch 1138, §26Referred to in §521A.1, 521A.7 Sat Dec 23 00:52:33 2023 Iowa Code 2024, Section 521A.6B (9, 0)