The bill HB 499-FN proposes a series of technical corrections and amendments to existing insurance laws, primarily aimed at enhancing regulatory processes and financial stability within the insurance sector. Key changes include the Managed Care Law's requirement for parties in a fair value dispute resolution to submit their fee share concurrently with their payment offer, rather than within 10 days. Additionally, licensed insurance companies must now provide 120 days' notice before discontinuing a line of business. The bill also mandates that insurance claims adjusters be licensed for policies covering risks in the state, clarifies the status of unadmitted surplus lines companies, and addresses age discrimination in insurance practices. Furthermore, it allows the commissioner to hire independent professionals for reviewing rates and financial statements, with costs covered by the regulated entities.

Moreover, the bill increases the minimum paid-up capital requirement for newly organized stock companies from $800,000 to $3,000,000, while ensuring that existing companies maintain their original capital requirements. It introduces new fee structures, including a $25 late fee for continuing education and a $100 application fee for public adjusters, while removing non-refundable designations for these fees. The bill also enhances transparency by requiring the commissioner to publicly disclose information about health carriers' managed care networks and clarifies patient cost-sharing calculations for emergency services. Other amendments include the repeal of outdated provisions and adjustments to the administrative assessment structure, with the act set to take effect 60 days post-passage.

Statutes affected:
Introduced: 420-J:8-e, 402:84, 402-B:1, 405:24, 417:4, 400-A:10, 400-A:36, 402-D:13, 401:4, 405:2, 411:1, 400-A:29, 402-B:7, 402-D:9, 402-J:7, 400-A:29-a
As Amended by the House: 420-J:8-e, 402:84, 402-B:1, 405:24, 417:4, 400-A:10, 400-A:36, 402-D:13, 401:4, 405:2, 411:1, 400-A:29, 402-B:7, 402-D:9, 402-J:7, 400-A:29-a, 420-J:7, 420-J:8-g, 420-J:8-h, 415-C:1, 400-A:31
Version adopted by both bodies: 420-J:8-e, 402:84, 402-B:1, 405:24, 417:4, 400-A:10, 400-A:36, 402-D:13, 401:4, 405:2, 411:1, 400-A:29, 402-B:7, 402-D:9, 402-J:7, 400-A:29-a, 420-J:7, 420-J:8-g, 420-J:8-h, 415-C:1, 400-A:31