SB 362 Allows the Department of Insurance, Financial Institutions and Professional Registration to issue non-binding informational documents to insurers
Sponsor: Parson
LR Number: 1795S.01I Fiscal Notes
Committee: Small Business, Insurance and Industry
Last Action: 3/10/2015 - SCS Voted Do Pass S Small Business, Insurance and Industry Committee (1795S.02C) Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2015

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Current Bill Summary


SCS/SB 362 - This act allows the Department of Insurance to issue non-binding informational documents to insurers. The Department may issue informal bulletins for the purpose educating the insurance industry and the general public about a regulatory topic or issue. The Department may also issue a no-action letter stating the intention of the Department to not take enforcement actions to a particular insurer based on a specific set of facts presented by the insurer under applicable law as of the date of the issuance of the letter. So long as there is no change in any material fact or law or a discovery of a material misrepresentation or omission made by the insurer, the Department is estopped from brining any enforcement action against an insurer who has been issued a no-action letter concerning the conduct that is the subject of the no-action letter.

This act is identical to HCS/HB 709 (2015).

MICHELA BIRK