SB1737 Summary

• Establishes the Short-Term, Limited-Duration Health Insurance Coverage Act requiring disclosure that coverage does not meet Affordable Care Act minimum essential coverage standards and does not include essential health benefits or preexisting condition coverage.

• Creates Article IIB (Domestic Stock Company Division Law) allowing domestic stock insurance companies to divide into multiple resulting companies with Director approval, including allocation of assets and liabilities among resulting entities.

• Modifies captive insurance company regulations by expanding affiliate definitions, allowing certain controlled unaffiliated business risks, establishing captive management company registration requirements, and adding provisions for dividends and confidentiality protections.

• Amends reinsurance credit provisions to establish a new "certified reinsurer" category with specific financial strength ratings, security requirements ranging from 0-100% based on ratings, and standards for qualified jurisdictions.

• Updates rate filing requirements to shift from after-filing to pre-filing approval (30 days before effectiveness) and establishes interim rate procedures when insurers have no legally effective rates; adds workers' compensation premium increase notice requirements.