The bill amends the "Producer Licensing Act" by updating definitions with gender-neutral language, such as replacing "his or her" with "their" and "the director's" with "Insurance commissioner." It removes the requirement for insurers to submit an annual "Contracted producer report" and clarifies the definition of "Insurance producer." The fee structure for insurance producers is revised, setting both the initial licensing fee and the annual renewal fee at $55.00, and eliminating the fee for the "Contracted producer report." New requirements are introduced for insurers to notify the insurance commissioner within 30 days of terminating an insurance producer's appointment for specific causes or if the producer has been found to engage in certain activities by a court or authorized body. Insurers may also be required to provide additional information regarding the termination upon the commissioner's request. The bill also sets penalties for insurers or insurance producers who fail to report as required or are found to have reported with actual malice.

Additionally, the bill amends the laws governing insurance adjusters and the insurance division's responsibilities. It updates the definition of "home state" for adjusters and exempts certain individuals from the provisions of the chapter, such as attorneys and insurance producers. The costs of examinations for companies are increased, and insurers' responsibilities when utilizing the services of an administrator are emphasized. The bill modifies the titles and references to certain officials within the insurance and banking sectors, clarifies the jurisdiction of the health insurance commissioner, and outlines new procedures for the appointment of insurance producers, including the requirement for insurers to pay an appointment fee and a renewal appointment fee. The act is set to take effect upon passage, except for section 1, which will take effect on January 1, 2025.

Statutes affected:
2798  SUB A: 27-13.1-7, 27-20.7-7, 42-14-5
2798: 27-13.1-7, 27-20.7-7, 42-14-5