The bill amends Alaska's insurance laws to enhance regulatory oversight and consumer protections across various insurance sectors. A significant provision allows for the prosecution of 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 during initial enrollment, which may incur higher costs for consumers. Insurers must also provide clear instructions for requesting benefit-level exceptions when using out-of-network providers. Other amendments include the removal of exemptions for filing annual audited financial reports, requiring these reports to be submitted by June 1 each year, while allowing the director to request earlier submissions for good cause.

Further changes focus on improving compliance and clarifying definitions related to insurance practices. The bill mandates that licensees report any criminal prosecution to the director within 30 days, introduces new lines of authority for insurance licenses, and updates definitions for third-party administrators and surplus lines brokers. It also enhances consumer protections by prohibiting the cancellation of property and casualty insurance policies solely due to claims related to aid requirements and establishes new coverage obligations for health maintenance organizations. The bill includes various insertions and deletions to clarify definitions and requirements, such as the definition of "motor vehicle," and is set to take effect immediately upon passage.

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