IN SB0171

Requires accident and sickness insurers and health maintenance organizations to file annual reports with the Indiana Department of Insurance by March 1 each year detailing premium usage for the preceding calendar year.

Reports must include detailed breakdowns of administrative expenses (such as claims processing, marketing, salaries, taxes, and lobbying), total premiums, medical expenses, and medical loss ratios, categorized by type of health coverage provided.

All filed reports become public records and must be published on the Department of Insurance website and made available in hard copy upon request.

Commissioner of Insurance may audit health plans for compliance and impose civil penalties of at least $1,000 and up to $10,000 per day of noncompliance following notice and hearing.

Becomes effective July 1, 2010.