SB 962 Modifies provisions of law relating to payments made by insurance companies
Sponsor: Wieland
LR Number: 6144S.01I Fiscal Notes
Committee: Insurance and Banking
Last Action: 2/27/2018 - SCS Voted Do Pass S Insurance and Banking Committee (6144S.02C) Journal Page:
Title: Calendar Position:
Effective Date: January 1, 2019

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Current Bill Summary

SCS/SB 962 - This act creates a unified fee structure for filing fees paid by health services corporations and health maintenance organizations.

Additionally, the act specifies that fees paid under the insurance laws of this state shall be collected and deposited into the Insurance Dedicated Fund by the Director of the Department of Insurance, Financial Institutions, and Professional Registration rather than by the Director of the Department of Revenue, and eliminates a provision specifying that $500,000 from the fund shall be transferred annually to general revenue.

The act adjusts fees for companies filing insurance documents, and enacts fees for filing an own risk and solvency assessment (ORSA) summary report and for insurance holding company filings. The act eliminates fees charged for affixing the seal of the office of the Director of the Department of Insurance, Financial Institutions, and Professional Registration, and for accepting service of process upon the company.

This act also eliminates the requirement that insurance examiners appointed by the Director be compensated according to the applicable levels established by the National Association of Insurance Commissioners.

This act becomes effective January 1, 2019.

This act is substantially similar to provisions in SS/SB 982 (2018), HCS/SS/SB 597 (2018), and SCS/HCS/HBs 2337 & 2272.