Substitute House Bill No. 6391 - Summary

• Public health fee structure: Modifies requirements for domestic insurers and health care centers to report insured lives and pay public health fees to the Insurance Commissioner, with late filing fees of $100 per day and civil penalties up to $15,000 for discrepancies in reported enrollment numbers.

• Cybersecurity requirements: Establishes comprehensive information security program requirements for insurance licensees, including risk assessments, incident response plans, and notification procedures for cybersecurity events to the commissioner within three business days when affecting consumers or operations.

• External health insurance review process: Eliminates filing fees for external and expedited external review requests, making the review process free to consumers while health carriers remain responsible for independent review organization costs.

• Reinsurance credit modernization: Updates reinsurance credit requirements to include new reciprocal jurisdiction standards based on international covered agreements, certified reinsurer provisions, and enhanced collateral/security requirements for assuming insurers.

• Administrative updates: Modifies reporting deadlines, removes certain reporting requirements to the General Assembly, updates cybersecurity event investigation and notification timelines, and clarifies role designations for insurance commissioners in various regulatory contexts.