The bill introduces amendments to the "Producer Licensing Act" and other related laws, focusing on insurance producer appointments, unfair discrimination in insurance practices, and the establishment of a "Pet Insurance Act." It updates definitions and notification processes for when an insurance producer's relationship with an insurer is terminated, distinguishing between terminations for cause and without cause. Insurers are required to notify the insurance commissioner within 30 days of such terminations and may need to provide additional information upon request. The bill also outlines the confidentiality of documents provided to the insurance commissioner, increases the maximum annual assessment for examined companies, and provides immunity from civil liability for those involved in the notification process, except in cases of actual malice.

Additionally, the bill mandates that insurers appoint insurance producers and file a notice of appointment within 15 days of the first insurance application. It prohibits discrimination based on race, color, creed, national origin, or disability in insurance practices. The "Pet Insurance Act" sets a legal framework for pet insurance, requiring disclosures about policy exclusions, waiting periods, and premium adjustments. Pet insurance applicants are given the right to examine and return policies within 15 days for a premium refund. The bill also requires pet insurers to provide a summary of policy provisions and post it on their website. It introduces new requirements for pet insurers, including disclosures, conditions for excluding preexisting conditions, and guidelines for wellness program sales, with penalties for non-compliance. The bill is set to take effect on January 1, 2024.

Statutes affected:
697  SUB A: 27-13.1-7
697: 27-10-1.1, 27-13.1-7, 42-14-5