HB 1606 Summary

• Increases various insurance-related fees and licensing costs, including Insurance Commissioner filing fees, certificate of authority fees, and miscellaneous document filing fees

• Modifies deposit requirements for new insurers and clarifies investment requirements for deposits, setting minimum deposits at $300,000 for newly authorized insurers

• Authorizes the Insurance Commissioner to identify certain fees that will not be subject to retaliation provisions

• Extends the duration of third-party administrator licenses from 12 to 24 months and increases application/renewal fees from $100 to $200

• Increases bail bondsman licensing fees from $250 to $350 and implements late filing fees of $50 for monthly reports, with penalties for repeated late filings; effective November 1, 2013