44-2137.01. Director; participate in supervisory college; powers; insurer; payment of expenses.

353 words·~2 min read·/ne/chapter-44/44-2137-01

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)With respect to any insurer registered under section 44-2132 and in accordance with subsection

(3)of this section, the director may participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance with Chapter 44 by the insurer. The powers of the director with respect to supervisory colleges include, but are not limited to, the following:

(a)Initiating the establishment of a supervisory college;

(b)Clarifying the membership and participation of other supervisors in the supervisory college;

(c)Clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor;

(d)Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and

(e)Establishing a crisis management plan.

(2)Each insurer subject to this section shall be liable for and shall pay the reasonable expenses of the director's participation in a supervisory college in accordance with subsection

(3)of this section, including reasonable travel expenses.

(3)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 in accordance with section 44-2137 , the director may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal, and international regulatory agencies. The director may enter into agreements in accordance with section 44-2138 providing the basis for cooperation between the director and the other regulatory agencies and the activities of the supervisory college.

(4)For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the director may establish a regular assessment to the insurer for the payment of such expenses.

(5)Nothing in this section shall delegate to the supervisory college the authority of the director to regulate or supervise the insurer or its affiliates within its jurisdiction.