This bill introduces significant amendments and new provisions concerning the regulation of insurance, financial literacy, and service contracts under the jurisdiction of the Department of Insurance and Financial Services and the Utilities Commission. It establishes two new funds: the Financial Literacy and Investor Education Fund and the Financial Exploitation Prevention Fund, which will be financed through fees from agent registrations. The bill also sets forth new requirements for insurers intending to withdraw from the market, mandating the submission of a detailed withdrawal plan to the commissioner. Additionally, it enhances tax confidentiality by prohibiting the inspection of certain tax returns and imposes penalties for unauthorized publication of these returns.

Moreover, the bill outlines comprehensive regulations for service companies that issue motor vehicle and residential service contracts, including licensing requirements, disclosure mandates, and the necessity for clear communication with service contract holders. It specifies that service companies must provide consumers with a sample of the service contract prior to purchase and deliver a fully executed copy within ten days. The bill also addresses the grounds for license denial or revocation and prohibits deceptive marketing practices. Overall, these changes aim to bolster consumer protection, enhance financial literacy, and ensure transparency and compliance within the insurance and service contract industries.

Statutes affected:
Introduced: 502.410, 502.601, 546.14, 505.7, 546.12, 432.1A, 505.19, 507B.4, 505.36, 523C.1, 523C.2, 523C.3, 523C.9, 523C.5, 523C.13, 523C.23, 714.16, 523C.19, 476.78