HB 2111 Summary

• Updates travel insurance definitions to align with National Association of Insurance Commissioners model law and removes outdated limited lines products for vending machines and newspaper promotions

• Excludes dental insurers and dental service corporations from third party administrator regulation and requires audited financial statements in annual reports

• Adopts revised National Association of Insurance Commissioners Suitability in Annuity Transactions Model Regulation effective January 1, 2023, requiring producers to act in consumers' best interest when recommending annuities

• Establishes producer care obligations including knowing consumer's financial situation, understanding available options, communicating recommendation basis, and requires disclosure of producer compensation and potential conflicts of interest

• Requires insurers to establish supervision systems including producer training standards, review procedures before annuity issuance, and detection of non-compliant recommendations; effective July 1, 2022 with annuity provisions effective January 1, 2023