HB 4386 Summary

• Amends the Insurance Code to change the catastrophic claims association from a 5-member board (with commissioner as non-voting ex officio member) to a 6-member board where the director of insurance acts as a voting member.

• Requires the board to conduct all business at public meetings in compliance with the Open Meetings Act and makes board records subject to disclosure under the Freedom of Information Act.

• Mandates annual audits by an independent certified public accountant appointed by the director, with results delivered to the director and standing committees on insurance, including assessment of the association's ability to meet future obligations.

• Establishes that association records are exempt from FOIA disclosure under Section 13, except as otherwise provided in the amended law.

• Ties the bill's effectiveness to passage of HB 4387 (request 00861'15a) and makes technical revisions replacing "commissioner" with "director of the department" throughout the statute.