SB 1511 Summary

• Establishes the Insurance Department as a non-appropriated agency effective July 1, 2012, allowing it to operate without legislative appropriations.

• Authorizes the Insurance Commissioner to establish, set, amend, revoke and collect fees through rule promulgation, with no new fees taking effect before July 1, 2013.

• Modifies the distribution of funds collected by the Insurance Commissioner by redirecting excess funds (above 28.5%) to the General Revenue Fund instead of the previous 76.5% deduction rate.

• Adds language to multiple insurance-related statutes allowing the Insurance Commissioner to set fees through rule rather than statutory requirements, providing regulatory flexibility.

• Applies to fees for various insurance industry activities including agent licensing, producer appointments, third-party administrators, captive insurance companies, service contracts, and bail bondsman licensing.