House Bill 1570
DIGEST OF HB1570 (Updated February 9, 2007 1:27 pm - DI 92)
Funding for department of insurance. Establishes the insurance education scholarship fund (scholarship fund) to provide annual scholarships to certain students. Annually appropriates money in the scholarship fund to the state student assistance commission. Deposits various insurance filing fees into the department of insurance fund rather than the state general fund. Increases the internal audit fee for domestic and foreign insurers and health maintenance organizations to $1,000. Increases the internal audit fee of other entities from $100 to $250. Provides that each policy, rider, or endorsement filed with the state constitutes an individual filing for purposes of the $35 product filing fee. Imposes a $1,000 cap per filing per insurer for product filing fees. Authorizes the commissioner to issue certificates suitable for framing to insurance producers. Provides that insurance producer and limited lines producer license renewal fees are due every two years rather than every four years. Removes the requirement that resident surplus lines producers file a bond with the commissioner.
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