Raised Bill No. 400 introduces a series of technical corrections and revisions to the insurance statutes. The bill modifies the process by which the Insurance Commissioner assesses domestic insurance companies and entities, including the removal of the Office of the Healthcare Advocate from the assessment process, as indicated by the deletion of references to this office. It also updates the allocation of assessments, the calculation of payments, and the timeline for the assessment process, with the Insurance Commissioner now solely responsible for assessing each domestic insurance company or entity by September first annually. The bill removes outdated language and updates subsection references to reflect these changes, with an effective date of October 1, 2024.

Additionally, the bill revises the requirements for the submission of financial condition reports and audited financial reports, mandating electronic filing with the National Association of Insurance Commissioners and deeming such filings as submitted to the commissioner. It revises policy readability criteria, allows policy filings in any language, and updates the requirements for non-English-language insurance policies, including certification of compliance and the possibility of the commissioner engaging translation services at the insurer's expense. The bill also updates reporting requirements for pharmacy benefits managers, including the confidentiality of rebate information and the annual reporting schedule. Furthermore, it amends the general powers and authority of the Health Reinsurance Association, including its ability to enter into contracts, establish rates, and issue policies, while providing immunity to parties involved in the administration of the association. Lastly, the bill extends the approval period for independent review organizations from two to three years and includes various effective dates for different sections of the bill.

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Raised Bill: