The bill amends various sections of Alaska's insurance laws to enhance regulations and improve consumer protections. A significant change is the introduction of a provision that 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. Additionally, health care insurers are now required to offer a non-network option at initial enrollment, with stipulations regarding higher costs for non-network services. The bill also mandates that insurers provide detailed information on benefit-level exceptions in prior authorization requests and outlines 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 new compliance requirements for insurance producers, modifies the notification process for license expiration from mail to electronic communication, and enhances consumer protections by prohibiting unfair practices by insurers. Overall, the bill aims to modernize insurance regulations in Alaska, ensuring better oversight, compliance, and consumer protection.

Statutes affected:
HB0148A, AM HB 148, introduced 03/21/2025: 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
HB0148B, AM CSHB 148(L&C), introduced 05/16/2025: 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, 21.42.375, 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