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 stipulations 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 focus on clarifying licensing processes for insurance producers and adjusters, including a mandate for licensees to report any criminal prosecution in writing within 30 days. The bill introduces new lines of authority for insurance coverage and updates the notification process for license expiration from mail to electronic communication. It also enhances consumer protections by prohibiting insurers from canceling or failing to renew property and casualty insurance policies solely due to claims related to aid requirements. Overall, the bill aims to streamline regulatory processes, improve transparency, and ensure better consumer protection within the insurance industry in Alaska.

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