HF1732 Summary

• Amends examination procedures for the Commerce Commissioner to require companies submit written responses to examination reports within 30 days, with the Commissioner then having 30 days to review and issue orders adopting, rejecting, or calling for investigatory hearings on the reports.

• Creates new statute 60A.033 establishing scheduling conference requirements for market analysis examinations, where the Commissioner must provide the insurance company with examination justification, information requests, estimated timeline, examiner rates, budget details, and billing process within 30 days of issuing an examination order.

• Limits market analysis examinations to 18 months from the insurance company's first submission unless there is material non-cooperation, a multistate examination, or the Commissioner provides written notice of additional time needed.

• Restricts unannounced examinations at insurance company offices unless required to preserve evidence, requires 30-day notice before appearing outside normal business hours, and mandates persons being sworn to statement provide 30-day notice if examination is recorded.

• Increases penalties for violating Commissioner orders from unspecified amounts to maximum $10,000 per day per violation and applies all changes to examinations initiated on or after August 1, 2017.