Senate Bill 1319 Summary

• Removes the June 30 deadline for insurers to file market conduct annual statements with the Insurance Commissioner, allowing more flexible filing timelines.

• Transfers authority over insurance deposits from the State Treasurer to the Insurance Commissioner, consolidating regulatory oversight for multiple types of insurers including mutual benefit associations, dental service corporations, and health maintenance organizations.

• Authorizes the Insurance Commissioner to require all filings of specific types be submitted in electronic format rather than paper form.

• Changes the frequency of inspections for dental service corporations from every three years to every five years.

• Modifies annuity maturity date provisions to clarify calculation methods for surrender charges measured from premium payment dates.

• Changes appointment fee structure for insurance producers from biennial to annual payments.

• Becomes effective November 1, 2014.