SB 2950: CAPTIVE INSURANCE COMPANIES; INSURANCE COMMISSIONER; CATASTROPHIC PROPERTY AND CASUALTY RISKS; AUTHORIZATION; REPORTS
- Session Year: 2025-2026
- House: Senate
Current Status:
In Progress
(2026-01-26: Passed First Reading.)
Introduced
First Committee Review
First Chamber
Second Committee Review
Second Chamber
Final Decking
Enacted
Version:
Authorizes captive insurance companies to underwrite, reinsure, or otherwise assume catastrophic property and casualty risks, subject to the approval and continuing supervision of the Insurance Commissioner. Allows the Commissioner to set certain minimum standards for captive insurance companies underwriting catastrophic property and casualty risk. Requires captive insurance companies underwriting catastrophic property and casualty risk to provide certain information in reports to the Commissioner.