This bill, requested by the State Auditor, seeks to revise various laws overseen by the Commissioner of Securities and Insurance in Montana, focusing on enhancing regulatory oversight and consumer protection. Key amendments include the introduction of provisions for the distribution of funds from the state school health trust operating reserve account, allowing for a $40 million distribution to qualified district health insurance trusts. The bill also updates definitions related to vehicle damage claims and telework, modifies registration and notice filing requirements for securities professionals, and clarifies conditions for investment advisers. Additionally, it establishes new eligibility criteria for victims seeking restitution assistance and outlines the conditions under which the commissioner may award such assistance.

Further amendments address insurance regulations, including the introduction of provisions for surplus lines insurance producers to collect inspection fees and updates to the notification process for terminating insurance producers. The bill also enhances consumer protections in health insurance policies, particularly regarding Medicare supplement policies, by clarifying the responsibilities of issuers and ensuring that coverage for preexisting conditions is maintained when policies are replaced. Notably, the bill removes certain provisions related to insurance coverage on real property transferred under a transfer on death deed, streamlining the regulatory framework while ensuring compliance with updated standards. Overall, the bill aims to improve the efficiency and clarity of Montana's insurance and securities laws.

Statutes affected:
LC Text: 2-18-101, 20-3-369, 27-1-306, 30-10-104, 30-10-201, 30-10-307, 30-10-1005, 33-1-501, 33-2-301, 33-2-306, 33-3-201, 33-15-206, 33-17-237, 33-17-243, 33-17-1402, 33-17-1602, 33-19-105, 33-20-1302, 33-22-132, 33-22-138, 33-22-150, 33-22-206, 33-22-208, 33-22-244, 33-22-521, 33-22-906, 33-22-907, 33-22-921, 33-22-922, 33-22-923, 33-22-924, 33-32-211, 33-35-306, 72-6-412