State Legislative Updates

UNCLAIMED LIFE INSURANCE BENEFITS LEGISLATION

Starting in 2012, states began enacting legislation modeled on the NCOIL Unclaimed Life Insurance Benefits law. Since July 2012, the Alliance has been tracking and reporting on this issue via Compliance Alerts.

Click here for a chart (as of 3/31/2014) that provides information regarding those states that have enacted Unclaimed Fraternal Benefits Laws, and those states where such legislation is pending. This chart will be updated periodically.

 

FRATERNAL RBC LEGISLATION
A number of states have begun to introduce legislation that would amend their RBC laws to apply to fraternals.

Click here for a chart (as of 10/15/2013) that provides information regarding those states that have enacted fraternal RBC Laws, and those states where such legislation is pending. This chart will be updated periodically.

 

OWN RISK AND SOLVENCY ASSESSMENT (ORSA)

The NAIC ORSA subgroup has been busy editing and updating the November 2011 edition of the ORSA Guidance Manual. The NAIC ORSA Subgroup webpage can be found here .

The following states have enacted ORSA legislation as of Oct. 29, 2013:

California – Assembly Bill 584 – Enacted 9/6/2013
Iowa – Senate File 189 – Enacted 4/24/2013
Maine – Senate Bill 574 – Enacted 6/12/2013
New Hampshire – House Bill 511 – Enacted 6/28/2013
Pennsylvania – House Bill 1481 – Enacted 10/25/13
Rhode Island – House Bill 5601/Senate Bill 709 – Enacted 6/3/13
Vermont – House Bill 513 – Enacted 5/13/2013

The following states have introduced ORSA legislation as of Oct. 29, 2013, which the Alliance is monitoring and will be reporting on as needed:

Ohio – Senate Bill 140/House Bill 313
Pennsylvania – House Bill 1481 and Senate Bill 969
Wyoming – House Draft 53 (Pre-filed 2014)