HF2051 Summary

• Establishes internal audit function requirements for insurers with $500 million or more in annual premiums, effective January 1, 2020, with organizational independence and direct board access mandated.

• Defines "internationally active insurance group" and authorizes the commissioner to serve as groupwide supervisor for such groups, coordinating with other state and federal regulators on enterprise risk assessment and information sharing.

• Amends audit committee requirements by restructuring definitions, expanding audit committee responsibilities, and setting independence standards based on company premium size ($300 million to $500 million thresholds).

• Requires Corporate Governance Annual Disclosure (CGAD) filings by June 1 annually from all domestic insurers, with confidentiality protections and third-party consultant provisions, effective January 1, 2020.

• Restricts Medicare supplement policies sold to newly eligible individuals (age 65 or disabled persons becoming Medicare-eligible after January 1, 2020) from covering 100 percent of the Medicare Part B deductible, effective January 1, 2020.