Legislative Session number- 88

Bill Name: SF2347

1E Relating to commerce

ARTICLE 1 - LICENSING

Regulating certain licenses
relating to residential, real property, and real estate appraisers; authorizing
reciprocity; specifying certain requirements for submittal of documentation,
license renewals, deferral, and reinstatements; repealing an examinations
reciprocity provision

ARTICLE 2 - PETROFUND

Modifying certain provisions
relating to the petroleum tank release cleanup act; modifying the definition of
tank in transport; expanding application for reimbursement authority; limiting
reimbursement for a petroleum release from a tank in transport

ARTICLE 3 -
ADMINISTRATIVE SERVICES

Updating the ASTM specification number for a
biodiesel component; redirecting money in the liquefied petroleum gas account
from the commissioner of education to the commissioner of commerce

ARTICLE 4
- ENFORCEMENT

Modifying actions against licensees; modifying enforcement
powers of the commissioner relating to denial, suspension, and revocation of
licenses of residential mortgage originators and servicers; replacing certain
terms

ARTICLE 5 - MODEL HOLDING COMPANY ACT CHANGES

Modifying certain
provisions related to insurance holding company systems penalties, modifying
certain provisions relating to acquisition of control of or merger with domestic
insurer, acquisitions involving insurers not otherwise covered, registration of
insurers, standards and management of an insurer within a holding company
system, examination requirements, supervisory colleges participation authority
for a domestic insurer, and confidentiality requirements; defining enterprise
risk

ARTICLE 6 - RISK ASSESSMENT AND OWN RISK AND SOLVENCY ASSESSMENT MODEL
ACT

Establishing purpose and scope of the risk assessment and own risk and
solvency assessment (ORSA) model act; defining certain terms; establishing risk
management framework; specifying ORSA requirement and requiring summary report;
specifying exemptions; specifying contents of ORSA summary report; establishing
confidentiality standards; specifying certain sanctions
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