House Bill No. introduced by N. Nicol aims to revise insurance laws in Montana, specifically focusing on competitive markets within the workers' compensation sector. The bill amends Section 33-16-1020 of the Montana Code Annotated (MCA) to include workers' compensation plans among those that the state auditor must consider when assessing market concentration. Notably, it includes Plan No. 3, the state fund, in the evaluation of competitive markets. The bill establishes that a competitive market is presumed to exist unless the commissioner determines otherwise after a hearing, and it introduces annual measurements of market concentration using the Herfindahl-Hirschman index.

Additionally, the bill outlines corrective measures that the commissioner may implement if a competitive market is found to be lacking. These measures include promoting new insurers, limiting large mergers, enhancing consumer education, and regulating premium writings by producer agencies to prevent monopolistic practices. The commissioner is also empowered to take further actions beyond the specified measures to improve market concentration. Overall, the bill seeks to ensure a fair and competitive insurance market for workers' compensation in Montana.

Statutes affected:
LC Text: 33-16-1020
HB0727_1(1): 33-16-1020
HB0727_1(2): 33-16-1020
HB0727_1(3): 33-16-1020
HB0727_1: 33-16-1020