| (a) Purpose. This section specifies the requirements
for the ultimate controlling person of an insurance holding company
system to submit a liquidity stress test framework necessary to report
information as required by Insurance Code §823.0596.
(b) Liquidity stress test framework. The commissioner
adopts by reference the liquidity stress test framework as adopted
and published by the National Association of Insurance Commissioners
(NAIC). The liquidity stress test framework is available on the department's
website.
(c) Scope criteria. The scope criteria are the designated
criteria and thresholds described in the liquidity stress test framework
as adopted by reference in subsection (b) of this section.
(d) Reporting template. The reporting template an insurer
must use is described in the liquidity stress test framework as adopted
in subsection (b) of this section.
(e) Filing. Using the reporting template described
in the liquidity stress test framework adopted by reference in subsection
(b) of this section, the ultimate controlling person of an insurer
must submit a liquidity stress test framework filing on or before
June 30 of each year, using the appropriate reporting template in
an electronic format acceptable to TDI. The electronic filing address
is provided on TDI's website at www.tdi.texas.gov. Copies of the latest
editions of the reporting templates and related instruction manuals
adopted and published by the NAIC may be obtained from the NAIC or
from the Texas Department of Insurance, Financial Regulation Division.
(f) Exemption. Only after consultation with other state
insurance commissioners will the commissioner exempt from the filing
requirement a data year that an insurer would otherwise be required
to submit under subsection (e) of this section.
(g) Conflicts. In the event of a conflict between the
liquidity stress test framework adopted and published by the NAIC
and the Insurance Code, any TDI rule, or any specific requirement
of this section, the Insurance Code, TDI rule, or specific requirement
of this section takes precedence and in all respects controls. The
requirements of this section do not repeal, modify, or amend any TDI
rule or any Insurance Code provision.
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