The bill amends various sections of Alaska's insurance laws to improve regulatory oversight and consumer protections. A significant change 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. It also requires health care insurers offering network-based policies to provide a non-network option at initial enrollment, potentially at higher costs, and mandates that specific information regarding benefit-level exceptions be included on prior authorization request forms. Additionally, the bill removes exemptions for filing annual audited financial reports, making it mandatory for insurers to submit these reports by June 1 each year, while allowing for exemptions in cases of financial hardship.

Further amendments focus on enhancing reporting requirements and clarifying licensing processes for insurance producers and adjusters. Licensees must now report any criminal prosecution in writing to the director within 30 days and submit relevant legal documents. The bill introduces new lines of authority for insurance coverage and updates definitions and requirements for independent adjusters and third-party administrators. It also revises the process for surplus lines brokers, including penalties for late payments. Other consumer protection measures include prohibiting insurers from canceling property and casualty insurance policies solely due to claims for aid requirements and ensuring coverage for certain health screenings without cost-sharing. Overall, the bill aims to strengthen the regulatory framework governing insurance practices in Alaska and enhance consumer protections.

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