An Act Concerning Annual Reports Filed By Third-party Administrators.
Impact
The enactment of HB 05244 will likely revise the current processes involved in the licensing and regulation of third-party administrators within the state. By linking the annual report to the license renewal process, it enhances the oversight capabilities of state regulators and ensures that they have up-to-date information about the operations of these administrators. This synchronization is expected to improve compliance monitoring and reduce the administrative burden that currently exists around separate submissions.
Summary
House Bill 05244 aims to amend the requirements for third-party administrators in the insurance sector. Specifically, the bill mandates that the annual reports that third-party administrators are required to file must be submitted as part of their license renewal applications. This change is set to streamline the process by ensuring that necessary compliance information is reviewed concurrent with license renewals rather than as separate submissions.
Contention
Though the bill appears straightforward, there may be points of contention surrounding the potential for increased workload for third-party administrators who must now ensure their reports are comprehensive and timely. Concerns exist that some administrators may struggle with the added requirements, particularly if they are already facing resource constraints. The requirement for verification of the report by senior officers could also provoke discussions around accountability practices within their organizations.
An Act Concerning Insurance Market Conduct And Insurance Licensing, The Insurance Department's Technical Corrections And Other Revisions To The Insurance Statutes And Captive Insurance.
Establishes penalties for employers who disclose or threaten to disclose employee's immigration status for purpose of concealing violation of State wage, benefit or tax laws.