SB 1217 Summary

• Requires domestic insurance companies to make annual payments to the Insurance Commissioner for deposit into the Insurance Fund, effective July 1, 2023.

• Payment amounts include: (1) actual Insurance Department expenditures, (2) Office of the Healthcare Advocate expenditures for health insurance companies only, (3) Office of Health Strategy appropriations for health insurance companies only, (4) capital equipment purchases, and (5) Department of Aging and Disability Services fall prevention program funding.

• Separates payment obligations so that health insurance-specific costs are paid only by domestic insurance companies that wrote health insurance policies during the preceding calendar year.

• Requires the Commissioner of Revenue Services to certify tax amounts by June 30 annually, and the Insurance Commissioner to render statements to insurers by July 31 showing proposed assessments calculated based on each company's proportionate share of taxes.

• Allocates 20% of payments among mutual insurance entities and 80% among all other domestic insurance companies, with a cap limiting any single company's assessment to 25% of actual departmental expenditures, except for vaccine purchase assessments.