HB 5524 Summary

• Removes the requirement that a "reasonable degree of competition" must exist before rates can be deemed excessive for automobile and home insurance in Section 2109.

• Eliminates the Commissioner's (now Director of Department of Insurance and Financial Services) authority under Section 2115 to order insurers to comply with rate regulation chapters when a reasonable degree of competition does not exist statewide.

• Repeals Section 2115(2) procedures that allowed the Director to hold hearings after one year to determine whether to maintain or lift rate regulation orders based on competitive conditions.

• Removes similar competition-based exemptions from rate regulation in Sections 2403 and 2603 for other types of insurance, making rate regulation requirements apply uniformly.

• Changes references from "Commissioner" to "Director of the Department of Insurance and Financial Services" and updates citations to the Administrative Procedures Act throughout affected sections.