HB 1346 Summary

• Modifies the State Insurance Commissioner Revolving Fund to exclude fees paid to the Insurance Department Anti-Fraud Revolving Fund from the fund's composition and transfer requirements.

• Specifies that fees collected under Section 362 (annual $750 fee from insurers) shall be deposited into the Insurance Department Anti-Fraud Revolving Fund rather than the Commissioner's Revolving Fund.

• Establishes that fees not subject to transfer to the Attorney General's Insurance Fraud Unit shall remain in the Anti-Fraud Revolving Fund and are exempt from the standard transfer calculations.

• Changes the deposit requirement for Section 362 fees from going to the Insurance Commissioner to going directly to the Insurance Department Anti-Fraud Revolving Fund for investigating insurance fraud.

• Effective July 1, 2013, with an emergency declaration allowing immediate implementation upon passage and approval.