§ 302. Supervisory colleges.
(a)The superintendent may participate in\na supervisory college in order to determine compliance with this chapter\nwith respect to an insurer that is registered under article fifteen,\nsixteen, or seventeen of this chapter and has international operations.\nThe powers of the superintendent with respect to supervisory colleges\ninclude:\n (1) initiating the establishment of a supervisory college;\n (2) clarifying the membership and participation of other supervisors\nin the supervisory college;\n (3) clarifying the functions of the supervisory college and the role\nof other regulators, including the establishment of a group-wide\nsupervisor;\n (4) coordinating the ongoing activities of the supervisory college,\nincluding planning meetings, supervisory ac
Free access — add to your briefcase to read the full text and ask questions with AI
§ 302. Supervisory colleges. (a) The superintendent may participate in\na supervisory college in order to determine compliance with this chapter\nwith respect to an insurer that is registered under article fifteen,\nsixteen, or seventeen of this chapter and has international operations.\nThe powers of the superintendent with respect to supervisory colleges\ninclude:\n (1) initiating the establishment of a supervisory college;\n (2) clarifying the membership and participation of other supervisors\nin the supervisory college;\n (3) clarifying the functions of the supervisory college and the role\nof other regulators, including the establishment of a group-wide\nsupervisor;\n (4) coordinating the ongoing activities of the supervisory college,\nincluding planning meetings, supervisory activities, and processes for\ninformation sharing; and\n (5) establishing a crisis management plan.\n (b) Each insurer registered under article fifteen, sixteen, or\nseventeen of this chapter that is subject to a supervisory college shall\nbe liable for and shall pay the reasonable expenses of the\nsuperintendent's participation in a supervisory college, including\nreasonable travel expenses. A supervisory college may be convened as\neither a temporary or permanent forum for the communication and\ncooperation between the regulators charged with the supervision of the\ninsurer or its parent, affiliates, or subsidiaries. The superintendent\nmay establish a regular assessment to the insurer for the payment of\nthese expenses.\n (c) In order to assess the business strategy, financial position,\nlegal and regulatory position, risk exposure, risk management and\ngovernance processes, and as part of the examination of individual\ninsurers, the superintendent may participate in a supervisory college\nwith other regulators charged with supervision of the insurer or its\nparent, affiliates, or subsidiaries, including other state, federal, and\ninternational regulatory agencies. The superintendent may enter into\nagreements pursuant to section one hundred ten of this chapter providing\nthe basis for cooperation between the superintendent and other\nregulatory agencies and for the activities of the supervisory college.\nNothing in this section shall delegate to the supervisory college the\nsuperintendent's authority to regulate or supervise the insurer or its\nparent, affiliates, or subsidiaries within the superintendent's\njurisdiction.\n