SB3451 - Insurance Industry Innovation Act

• Creates an Innovation Division within the Department of Insurance to review petitions from covered entities seeking modifications or waivers of insurance regulations or state law.

• Allows covered entities to submit petitions requesting enforceable compliance agreements if they demonstrate an alternative compliance strategy that serves the public interest, improves access to insurance, and does not present systemic risk or harm consumer protection.

• Department must complete petition review within 30 days after a 60-day public comment period (or 60 days if comment period is waived) and provide written notification of approval or denial with reasoning.

• Prohibits the Department from approving waivers related to solvency requirements, assigned risk plans, NAIC accreditation requirements, or taxes and fees.

• Requires the Department to submit annual reports to the General Assembly beginning July 1, 2019 detailing the number and impact of compliance agreements and identifying burdensome regulations; the Act repeals January 1, 2024.