SS 039-21 Notice of Hearing

NOTICE OF PRELIMINARY PUBLIC HEARING

OFFICE OF THE COMMISSIONER OF INSURANCE

  The Office of the Commissioner of Insurance announces that it will hold a preliminary public hearing on SS: 039-21, a Statement of Scope for Ch. Ins 40, Wis. Adm. Code, relating to holding company system regulation amendments. In accordance with s. 227.136 (2), Stats., the Commissioner is seeking public input through the hearing and comment period regarding the content of the proposed rule as described in the Statement of Scope at the time and manner shown below.

Hearing Information:

Date:   May 24, 2021

Time:   10:30 am

Location:   Conference Call:

  To join the call please dial:

  Dial in 1-888-363-4735

  Access code 7267037 #

Accessibility:

Pursuant to the American with Disabilities Act reasonable accommodations including the provision of informational materials in an alternative format, will be provided for individuals with disabilities upon request. Please call Karyn Culver at [phone] with specific information on your request at least 5 days before the date of the hearing. There is also handicap access to the hearing location.

Appearances at the Hearing and Submittal of Written Comments:

Persons wishing to testify or provide oral or written comments regarding the Statement of Scope for the proposed administrative rule may appear during the hearing. Additionally, comments may be submitted at https://docs.legis.wisconsin.gov/code.

For additional information please contact Julie E. Walsh at [phone] or email at [e-mail] in the OCI Legal Unit.

Deadline for submitting comments is June 7, 2021 by 4:00 pm.

Initial Regulatory Flexibility Analysis:

The Statement of Scope for proposed rules will modernize Ch. Ins 40, Wis. Adm. Code, by adopting uniform standards for the regulation and oversight of insurance holding company systems including a liquidity stress test, group capital calculations, and confidential treatment of certain documents. The changes would bring the rules into compliance with the covered agreement and bring OCI into alignment with the National Association of Insurance Commissioners accreditation requirements.

The anticipated economic impact of implementing the rule is minimal as the proposed rule will primarily add an additional filing requirement to insurers that belong to a holding company system.

Agency Small Business Regulatory Coordinator:

The OCI small business coordinator is Kristina Thole and she may be reached at [e-mail] or [phone].