The bill amends various sections of Alaska's insurance laws to enhance regulations and improve consumer protections. A significant provision allows prosecutions for life insurance-related offenses to begin within one year of discovery, even if the general time limitation has expired, but not extending the limitation period by more than 20 years. Health care insurers are now required to offer a non-network option at initial enrollment, with conditions regarding higher costs for non-network services. Additionally, insurers must provide detailed information on benefit-level exceptions in prior authorization requests and are subject to new requirements for annual audited financial reports, including the removal of exemptions that previously allowed delays in filing.

Further amendments include changes to tax regulations for insurers, the definition of reciprocal jurisdictions, and the establishment of reserves using principle-based valuation methods. The bill clarifies the responsibilities of insurers and pharmacy benefits managers in cooperating with the Department of Health regarding medical assistance programs. It also introduces compliance requirements for insurance producers, modifies the notification process for license expiration to electronic communication, and updates definitions and requirements for surplus lines brokers. Overall, the bill aims to streamline the regulatory framework for insurance in Alaska while enhancing compliance, reporting standards, and consumer protections.

Statutes affected:
SB0132A, AM SB 132, introduced 03/14/2025: 12.10.020, 21.07.030, 21.09.200, 21.06.180, 21.06.240, 21.09.210, 21.09.242, 21.12.020, 21.18.112, 21.18.900, 21.27.020, 21.27.270, 21.27.115, 21.27.025, 21.12.050, 21.12.080, 21.27.150, 21.27.410, 21.06.250, 21.36.515, 21.27.060, 21.27.830, 21.27.040, 21.27.380, 21.27.630, 21.27.640, 21.06.090, 21.27.330, 21.27.990, 21.33.055, 21.34.035, 21.51.405, 21.54.015, 21.87.230, 21.12.052, 21.34.040, 21.34.170, 21.34.180, 21.34.190, 21.34.900, 21.12.090, 21.36.125, 21.96.030, 21.60.030, 21.36.225, 21.51.400, 21.54.130, 21.36.235, 21.36.305, 21.36.260, 21.36.240, 21.36.475, 21.36.505, 21.36.910, 09.30.070, 21.39.155, 21.42.250, 21.42.377, 21.45.305, 21.48.010, 21.51.060, 21.57.160, 21.59.140, 21.76.070, 21.34.220, 21.79.020, 21.79.070, U.S.C, 21.86.040, 21.86.060, 21.07.250, 21.96.090, 21.96.120, 21.97.900, 28.10.011, 21.34.030, 21.39.020, 21.59.290, 21.86.078
SB0132B, AM CSSB 132(L&C), introduced 04/07/2025: 12.10.020, 21.07.030, 21.09.200, 21.06.180, 21.06.240, 21.09.210, 21.09.242, 21.12.020, 21.18.112, 21.18.900, 21.27.020, 21.27.270, 21.27.115, 21.27.025, 21.12.050, 21.12.080, 21.27.150, 21.27.410, 21.06.250, 21.36.515, 21.27.060, 21.27.830, 21.27.040, 21.27.380, 21.27.630, 21.27.640, 21.06.090, 21.27.330, 21.27.990, 21.33.055, 21.34.035, 21.51.405, 21.54.015, 21.87.230, 21.12.052, 21.34.040, 21.34.170, 21.34.180, 21.34.190, 21.34.900, 21.12.090, 21.36.125, 21.96.030, 21.60.030, 21.36.225, 21.51.400, 21.54.130, 21.36.235, 21.36.305, 21.36.260, 21.36.240, 21.36.475, 21.12.060, 21.12.070, 21.36.505, 21.36.910, 09.30.070, 21.39.155, 21.42.250, 21.42.377, 21.45.305, 21.48.010, 21.51.060, 21.57.160, 21.59.140, 21.76.070, 21.34.220, 21.79.020, 21.79.070, U.S.C, 21.86.040, 21.86.060, 21.07.250, 21.96.090, 21.96.120, 21.97.900, 28.10.011, 21.34.030, 21.39.020, 21.59.290, 21.86.078