§ 10-3-807 — Supervisory colleges

(1) With respect to any insurer registered
under section 10-3-804, and in accordance with subsection (3) of this section, the
commissioner 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 by the insurer with this section. The powers of the
commissioner with respect to supervisory colleges include 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 registered insurer subject to this section is liable for and shall pay
the reasonable expenses of the commissioner's participation in a supervisory
college in accordance with subsection (3) of this section, including reasonable
travel expenses. 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 commissioner may establish a regular assessment to the
insurer for the payment of these expenses.

(3) In order to assess the business strategy, financial position, legal and
regulatory position, risk exposure, and risk management and governance
processes, and as part of the examination of individual insurers in accordance with
section 10-3-806, the commissioner 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 commissioner may
enter into agreements, in accordance with section 10-3-808 (3), providing the basis
for cooperation between the commissioner and the other regulatory agencies and
the activities of the supervisory college. Nothing in this section delegates to the
supervisory college the commissioner's authority to regulate or supervise the
insurer or its affiliates within his or her jurisdiction.

Legislative History

Source: L. 2014: Entire part R&RE, (SB 14-152), ch. 312, p. 1347, � 2, effective July 1.