HB 5386 - Insurance Statutes Revisions

• Grants the Insurance Commissioner all necessary powers to protect the public interest and enforce insurance laws, including authority to adopt regulations and engage specialized professionals for company examinations.

• Adds a $2,500 filing fee for statements of acquisition of control of domestic insurance companies and increases the insurance premium finance company license fee from $50 to $300.

• Extends the free look period for individual life insurance policies involving replacement of existing policies or policy borrowing/lapsing from 10 days to 30 days for cancellation.

• Modifies surplus lines broker requirements by replacing affidavit requirements with signed statements filed electronically on a quarterly basis (February, May, August, November) for policies covering unavailable insurance lines.

• Imposes daily late filing fees of $175 per day for insurance companies and fraternal benefit societies failing to file required financial reports, with commissioner discretion to waive fees for state emergencies.