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House Bill (S)

DIGEST

Various insurance matters. Makes changes in the law concerning the permissible investments of life insurance companies and casualty, fire, and marine insurance companies. Provides that an insurance administrator may pay claims via electronic payment. Exempts an individual from the prelicensing course, state license examination, and continuing education requirements for licensed independent adjusters if the individual holds a current claims certification issued by a national or state claims association whose certification program meets certain conditions. Adopts the insurance data security model law, which requires certain holders of an insurance license, authority, or registration to maintain an information security program and meet Various insurance matters. Makes changes in the law concerning the permissible investments of life insurance companies and casualty, fire, and marine insurance companies. Provides that an insurance administrator may pay claims via electronic payment. Exempts an individual from the prelicensing course, state license examination, and continuing education requirements for licensed independent adjusters if the individual holds a current claims certification issued by a national or state claims association whose certification program meets certain conditions. Adopts the insurance data security model law, which requires certain holders of an insurance license, authority, or registration to maintain an information security program and meet other requirements. Provides that an individual who is covered by an insurance policy or health maintenance organization contract and who receives emergency services provided by an out of network provider shall not be required to pay more for the emergency services than the amount of compensation that would be allowed under the network plan for emergency services of the same type provided in network by the same type of provider, minus any copayment, deductible, or coinsurance amounts that apply. Adopts a new model law on credit for reinsurance. Provides that a rejection of uninsured motorist coverage or underinsured motorist coverage in an underlying personal policy is also a rejection of uninsured motorist coverage or underinsured motorist coverage in a personal umbrella or excess liability policy. Urges the legislative council to assign to the interim study committee on financial institutions and insurance the task of studying the cost to consumers of ambulance transportation services. ... View more