Raised Bill No. 400 Summary

• Removes the Office of the Healthcare Advocate from certain roles in managing Insurance Fund assessments and allows the Insurance Commissioner to manage fund administration independently, effective October 1, 2024.

• Eliminates paper filing requirements for insurance companies submitting annual reports and audited financial statements, allowing electronic filing with the National Association of Insurance Commissioners to satisfy state requirements.

• Establishes requirements for non-English-language insurance policies, including translation provisions and certification procedures, with insurers bearing translation costs.

• Changes the approval period for independent review organizations from two years to three years, effective October 1, 2024.

• Modifies the definition of "small employer" to reduce the employee threshold from 100 to 50 employees effective January 1, 2025, and updates pharmacy benefits manager reporting deadlines to February 1, 2025.