Provides relative to unfair or deceptive methods, acts, and practices in the business of personal and commercial lines of insurance. (8/1/20)
Impact
The bill would significantly impact state laws surrounding insurance practices by reinforcing regulations related to claims history disclosure. By establishing explicit timelines within which insurers must provide claims histories, it aims to enhance consumer rights and promote best practices within the insurance industry. This additional layer of accountability is expected to facilitate better decision-making for policyholders when seeking insurance options, as they will have more access to pertinent information regarding past claims and potential risks associated with a particular policy.
Summary
Senate Bill 373 focuses on amending and reenacting provisions related to unfair or deceptive practices in the insurance industry, specifically for personal and commercial lines. The key emphasis of the bill is on ensuring that insurers provide timely claims history to policyholders upon request. It mandates that insurers must supply loss information for the previous three policy years within a set timeframe after receiving a written request. This move is intended to improve transparency in the insurance process, thereby empowering consumers during the underwriting of insurance policies.
Sentiment
The sentiment toward SB 373 appears to be largely positive among proponents who view it as a necessary step to protect consumers in the insurance market. Supporters argue that increased transparency will lead to fairer practices and greater trust between insurers and policyholders. Conversely, there may be some opposition from insurers concerned about the increased administrative burdens imposed by the new requirements, but overall, the discussions surrounding the bill reflect a cooperative effort to enhance consumer protections in the state.
Contention
Notable points of contention may arise regarding the provision of claims history and the implications for insurers, specifically around the timeline mandated for compliance. Insurers may contend that providing extensive claims history in a timely manner could be operationally challenging, leading to delays and compliance costs. The bill's requirement that denial of coverage cannot be based solely on loss reserve information also raises questions about the balance between consumer access to information and the operational protocols of insurance providers.
Unfair insurance practices; modifying rebate actions to be considered unfair methods of competition or unfair and deceptive acts in the business of insurance. Effective date.
Unfair insurance practices; modifying rebate actions to be considered unfair methods of competition or unfair and deceptive acts in the business of insurance. Effective date.
Provides for unfair or deceptive acts or practices in the insurance business against certain pharmacies and pharmacists who are licensed and physically located in the state. (8/1/20)
Authorizes the commissioner of insurance to order certain penalties to persons engaging in an unfair method of competition or an unfair or deceptive act or practice. (8/1/22)
An Act Redefining "state Contractor", "prospective State Contractor" And "subcontractor" To Exclude Statutorily Recognized Indian Tribes Of This State For Purposes Of Campaign Finance Laws.