SB 594 - Wieland, Paul
Exempts certain types of commercial insurance lines from filing requirements with respect to rates, rate plans, modifications, and manuals
Bill Details
Sponsor
Wieland, Paul
LR Number
4841S.01T
Title
SB 594
House Handler
Journal Page
S2502
Effective Date
August 28, 2018
Committee
Current Status
Signed by Governor
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SB 594 - This act exempts certain lines and endorsements of commercial insurance from requirements to file rates, rate plans, modifications, and manuals with the Department of Insurance, Financial Institutions, and Professional Registration, and specifies that filings for other commercial lines and endorsements shall be filed for informational purposes within 10 days of their use.
This act specifies that the commercial policies' forms are exempt from filing requirements if the commercial policyholder's annual commercial premiums total at least $100,000 and the policyholder employs a full time risk manager or has retained a licensed insurance producer to negotiate on its behalf.
Policies exempt from these filing requirements shall include a notice that the policy may include rates or forms exempt from filing with the Department of Insurance, Financial Institutions, and Professional Registration.
Insurers renewing policies exempt from form filing requirements shall give notice at least 10 days prior to the policy's expiration date if, after renewal, there will be a material change in coverage not specifically requested by the insured, required by law, or based on change to the risk insured.
These exemptions apply to policies issued or renewed on or after January 1, 2019.
This act is similar to HB 1287 (2018), SCS/HCS/HB 741 (2017), to provisions in HCS/SCS/SB 334 (2017), and to provisions in HCB 10 (2017). This act is similar to SB 386 (2017).
ERIC VANDER WEERD