PAYMENTS MADE BY INSURANCE COMPANIES (Sections 354.150, 354.495, 374.115, 374.150, and 374.230)

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.

These provisions become effective January 1, 2019.

These provisions are identical to SCS/SB 962 (2018) and provisions in SCS/HBs 2337 & 2272 (2018), and substantially similar to provisions in SS/SB 982 (2018) and HCS/SS/SB 597 (2018).

PORTABLE ELECTRONICS INSURANCE (Section 379.1545)

This act specifies that agreements to receive notice and correspondence regarding portable electronics insurance shall be determined in accordance with the Uniform Electronic Transactions Act.

This provision is identical to SB 914 (2018) and HB 1972 (2018), and to provisions in SS/SB 982 (2018) and SCS/HBs 2337 & 2272 (2018).

INSURANCE HOLDING COMPANIES (Section 382.278)

This act repeals the exemption for certain insurance holding companies involved in agricultural operations from certain reporting and examination requirements.

This provision is identical to provisions in the House perfected HCS/HB 1381 (2018), SS/SCS/SB 593 (2018), SCS/HCS/HBs 2337 & 2272 (2018), SB 502 (2017), and HB 1070 (2017).

ERIC VANDER WEERD