HB 1512 Summary

• Creates new confidentiality protections for insurance examination documents and information, prohibiting disclosure in private civil actions without prior written consent from the Insurance Commissioner

• Modifies Third-Party Administrator Act to allow licensed administrators with no business activity to waive annual reporting requirements upon application to the Commissioner

• Removes bond requirements for life and accident/health insurance brokers, retaining only errors and omissions insurance policy requirements

• Adds fraternal benefit societies to Risk-based Capital for Insurers Act definitions and reporting requirements, including enterprise risk reporting by ultimate controlling persons

• Permits employers to include wellness programs (including tobacco cessation) in premium rate development for small employer health insurance and allows offering incentives for employee participation in wellness programs