The bill amends the Insurance Provider Assessment Act by updating sections 11 and 17 to clarify the administration and enforcement of the assessment imposed on insurance providers. It specifies that the assessment is considered a tax under the relevant state law and allows the department to promulgate rules for its implementation. Additionally, the bill mandates that the department submit an annual report detailing the revenue collected and the costs incurred for administration and compliance, now including the standing committees on insurance in the notification process.

Furthermore, the bill introduces stricter measures for insurance providers that fail to pay their assessments, interest, or penalties. It stipulates that the director of the department of insurance and financial services may suspend or revoke the authority to transact insurance or operate in the state for non-compliance, and such suspension cannot be lifted until all delinquent payments are made. The director is also required to notify the standing committees on insurance within ten days of issuing a suspension, ensuring greater transparency and accountability in the enforcement of the assessment.

Statutes affected:
House Introduced Bill: 550.1761, 550.1767