An Act Concerning Prior Review Of Insurance Department Guidelines And Bulletins.
Impact
The impact of SB00029 on state laws is significant, as it establishes a precedent for legislative engagement in the regulatory process of the Insurance Department. By instituting a formal review requirement, the bill seeks to prevent hastily implemented regulations that may not fully consider the implications for consumers or the industry. Additionally, this legislative oversight could potentially foster greater trust between the Insurance Department, policymakers, and the public, ensuring that guidelines align with the interests of residents and businesses alike.
Summary
SB00029 aims to enhance the oversight of the Insurance Department's issuance of guidelines and bulletins by requiring a mandatory review period. Under this bill, the Insurance Department must submit all intended guidelines and bulletins to the appropriate committee of the General Assembly at least sixty days prior to their issuance. This provision allows the legislative body to review and address any concerns before the guidelines take effect, thereby promoting accountability and transparency in the regulation of insurance practices.
Contention
Notable points of contention surrounding SB00029 may arise from differing opinions on the balance between efficient regulation and necessary oversight. Proponents of the bill argue that it is essential for maintaining checks and balances on regulatory actions that can significantly affect both the insurance market and its consumers. Conversely, some critics may view the sixty-day review requirement as a bureaucratic delay that could hinder the timely issuance of guidelines, particularly in emergency situations where quick action may be warranted.
Overall_purpose
Finally, the overall purpose of SB00029 can be seen as an effort to reinforce the legislative role in the regulatory framework governing insurance while still allowing for rapid responses in intelligent, emergency conditions. The bill represents a strategic approach to regulatory reform that emphasizes both public safety and legislative accountability.
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.