Bill Summary: HB 7024 - Travel Insurance Regulation

• Authorizes individuals and business entities to act as "limited lines travel insurance producers" to sell, solicit, or negotiate travel insurance through licensed insurance companies after applying to the Insurance Commissioner.

• Permits travel retailers without insurance licenses to offer and disseminate travel insurance if they are designated by a limited lines travel insurance producer and provide required disclosures to customers about coverage, filing claims, and cancellation processes.

• Requires limited lines travel insurance producers to designate a state-licensed insurance producer employee for compliance oversight, maintain a registry of designated travel retailers, and ensure staff receive training on ethical sales practices and required disclosures.

• Establishes that employees of travel retailers do not need insurance licenses unless they evaluate or interpret insurance terms, advise on existing coverage, or hold themselves out as licensed producers.

• Sets licensing fees for limited lines travel insurance producers at $100 filing fee for initial applications, $650 for license issuance, and $650 for annual renewals, effective October 1, 2017.