SB 170 Revises the filing fees paid by certain insurance organizations to cover administrative expenses incurred by the Department of Insurance, Financial and Professional Regulation
Sponsor: Engler
LR Number: 0826S.02I Fiscal Note: 0826-02
Committee: Small Business, Insurance & Industrial Relations
Last Action: 3/6/2007 - SCS Voted Do Pass S Small Business, Insurance & Industrial Relations Committee (0826S.03C) Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2007

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Current Bill Summary

SCS/SB 170 - This act revises the fee schedules for health services corporations, health maintenance organizations and insurance companies. The act modifies the filing fees for certain documents paid by those types of organizations.

The act also provides that the assessments made against insurance companies for examination purposes shall include:

1) the costs of compensation, including benefits, for the examiners, analysts, actuaries, and attorneys contributing to the examination of the company;

2) reasonable travel, lodging and meal expenses related to an on-site examination; and

3) other expenses related to the examination.

The act requires the director to pay such expenses from the insurance examiners fund.

The act provides that the Insurance Dedicated Fund may be used for the regulation of the business of insurance and the operation of the division of consumer affairs. The act removes subsection 3 of section 374.150 which is no longer operative.

The act provides that domestic insurance companies subject to orders of conservation, rehabilitation or liquidation shall reimburse the Insurance Dedicated Fund for administrative services rendered by state employees to the company.

The act also repeals provisions relating to the Insurance Examiner's Sick Leave Fund (sections 374.261 to 374.267).

This act is substantially similar to SB 883 (2006). Many of the provisions contained in SB 170 can be found in the truly agreed to version of SB 66 (2007).