S.B. 1276 Summary

• Extends the timeline for insurance commissioner approvals from 30 to 75 calendar days before deemed granted, and increases the service fee for legal process from $12 to $25.

• Allows chief deputy commissioner to exercise commissioner powers if no commissioner is appointed, and permits electronic or printed filing of managed care plan submissions instead of requiring triplicate copies.

• Establishes a $10,000 threshold for claim adjustments by managing general agents (replacing commissioner-determined amounts) and modifies adjuster license application requirements.

• Increases various insurance licensing fees (producers, adjusters, brokers, etc.) and annual service fees, while eliminating life settlement contract licenses and adding legal service plan certificates of authority.

• Repeals statutory requirements for fraternal benefit society funds and modifies long-term care insurance advertisement review procedures to focus on compliance with applicable article requirements.