This bill amends provisions relating to insurance.
This bill:
- defines terms;
- clarifies the circumstances under which a public agency insurance mutual or a reserve fund is exempt from the Insurance Code;
- amends provisions related to dual licensing;
- amends provisions relating to money appropriated from the Captive Insurance Restricted Account;
- clarifies that an insurer does not need to file a certification that a non-English policy is in compliance with relevant laws;
- aligns state law with federal rules relating to preexisting condition limitations;
- limits the scope by which the Insurance Department can issue a waiver for a license;
- clarifies that the commissioner may take an action against a licensee if the licensee fails to pay a final judgment within 60 days;
- adds additional reporting requirements for a licensee against whom a judgment has been entered;
- changes the reporting period for agency title insurance producers;
- amends provisions relating to captive insurance companies;
- reduces the minimum capital requirement for an association captive insurance company;
- allows a captive insurance company to be formed as a not-for-profit organization;
- clarifies that officers of a captive insurance company must be separate individuals;
- amends provisions relating to insurance investments;
- amends requirements relating to a sponsored captive insurance company's business;
- amends the grounds under which the commissioner may revoke the certificate of authority of a captive insurance company;
- modifies the requirements for a small employer stop-loss insurance contract;
- regulates with which small employers a stop-loss insurer or reinsurer may enter stop-loss insurance contracts;
- provides a transition period for existing small employer stop-loss insurance contracts; and
- makes technical and conforming changes.
Recommended by: Business and Labor Interim Committee

Statutes affected:
Introduced: 31A-1-103, 31A-2-201, 31A-2-402, 31A-2-404, 31A-2-405, 31A-3-304, 31A-21-112, 31A-21-303, 31A-22-407, 31A-22-509, 31A-22-511, 31A-22-512, 31A-22-514, 31A-22-605.1, 31A-22-701, 31A-26-202, 31A-37-102, 31A-37-104, 31A-37-201, 31A-37-202, 31A-37-204, 31A-37-301, 31A-37-302, 31A-37-303, 31A-37-401, 31A-37-402, 31A-37-403, 31A-37-404, 31A-37-501, 31A-37-505, 31A-37-701
Amended 2/10/2025 15:02:659: 31A-1-103, 31A-2-201, 31A-2-402, 31A-2-404, 31A-2-405, 31A-3-304, 31A-21-112, 31A-21-303, 31A-22-407, 31A-22-509, 31A-22-511, 31A-22-512, 31A-22-514, 31A-22-614, 31A-22-701, 31A-26-202, 31A-37-102, 31A-37-104, 31A-37-201, 31A-37-202, 31A-37-204, 31A-37-301, 31A-37-302, 31A-37-303, 31A-37-401, 31A-37-402, 31A-37-403, 31A-37-404, 31A-37-501, 31A-37-505, 31A-37-701, 31A-43-301
Substitute #1: 31A-1-103, 31A-2-201, 31A-2-402, 31A-2-404, 31A-2-405, 31A-3-304, 31A-21-112, 31A-21-303, 31A-22-407, 31A-22-509, 31A-22-511, 31A-22-512, 31A-22-514, 31A-22-614, 31A-22-701, 31A-26-202, 31A-37-102, 31A-37-104, 31A-37-201, 31A-37-202, 31A-37-204, 31A-37-301, 31A-37-302, 31A-37-303, 31A-37-401, 31A-37-402, 31A-37-403, 31A-37-404, 31A-37-501, 31A-37-505, 31A-37-701, 31A-43-301
Substitute #2: 31A-1-103, 31A-2-201, 31A-2-402, 31A-2-404, 31A-2-405, 31A-3-304, 31A-21-112, 31A-21-303, 31A-22-407, 31A-22-509, 31A-22-511, 31A-22-512, 31A-22-514, 31A-22-614, 31A-22-701, 31A-26-202, 31A-37-102, 31A-37-104, 31A-37-201, 31A-37-202, 31A-37-204, 31A-37-301, 31A-37-302, 31A-37-303, 31A-37-401, 31A-37-402, 31A-37-403, 31A-37-404, 31A-37-501, 31A-37-505, 31A-37-701, 31A-43-301