The bill amends the Insurance Code to clarify an insurer's responsibilities regarding the oversight of third-party administrators. Specifically, it changes the heading of Section 4151.1042 to reflect "Audit and Review Requirements" and removes the term "semiannual" from the previous language, indicating a shift in the frequency of required reviews.

Additionally, the bill stipulates that if an administrator manages benefits for over 100 certificate holders, injured employees, plan participants, or policyholders, the insurer must conduct a review of the administrator's operations at least semiannually. Furthermore, the requirement for an on-site audit has been removed, with the bill now mandating that audits be conducted at least biennially. This legislation is set to take effect on September 1, 2025.

Statutes affected:
Introduced: Insurance Code 4151.1042 (Insurance Code 4151)
House Committee Report: Insurance Code 4151.1042 (Insurance Code 4151)