SB 93 Summary

• Expands the Insurance Commissioner's authority to engage outside experts (attorneys, actuaries, accountants) for financial analysis of insurers and health care centers, with costs charged to the examined entity rather than the department.

• Reorganizes the Insurance Department's divisions and updates procedures for consumer affairs, rate review, and market conduct examinations, including revised language for policy form disapprovals and disclosure requirements.

• Increases filing fees for various insurance licenses and permits, including a new $2,500 fee for statements of acquisition of control of domestic insurance companies and raises automobile insurance arbitration filing fees from $20 to $50 for claimants and $100 for insurers.

• Modifies captive insurance company taxation by changing the payment deadline from February to March 1st and replacing penalty language with reference to general tax enforcement provisions under sections 12-204 to 12-208.

• Eliminates age, gender, and claims history as factors in Medicare supplement insurance rates and coverage determinations, removing previous exceptions for plans H-J issued before January 1, 2006.

• Requires health insurers to pay accident and health claims within 45 days or 30 days after receiving requested information, with penalty interest at 15 percent per annum for late payments.