Revise insurance laws relating to regulatory waivers
Impact
Upon implementation, HB 836 would revise existing statutory requirements that govern how insurers operate. By establishing a system where waivers can be granted, this bill could significantly alter the regulatory landscape for insurers, facilitating the introduction of modern insurance solutions. The waivers could be granted for an initial period of up to three years, with opportunities for extensions, thereby fostering a culture of innovation in Montana's insurance market.
Summary
House Bill 836 seeks to amend Montana's insurance code to allow the Commissioner of Insurance to issue regulatory sandbox waivers. This provision is aimed at enabling property and casualty insurers to innovate within the insurance market by proposing new and efficient products and services without being hindered by existing regulatory constraints. Insurers must demonstrate that the traditional application of the insurance laws would impede their innovation while also meeting certain public policy goals.
Sentiment
Overall, the sentiment surrounding HB 836 appears to be favorable among those advocating for innovation within the insurance sector. Supporters argue that this bill will encourage insurers to respond to changing consumer needs and enhance competition in the marketplace. However, there are concerns from some consumer advocacy groups about potential risks and the need for oversight to prevent any negative impacts on policyholders.
Contention
Notable points of contention include the balance between fostering innovation and ensuring consumer protection. Critics raise concerns that allowing waivers might lead to products or services that do not provide adequate consumer safeguards. The bill also stipulates that any granted waiver cannot increase risks to consumers or negatively impact the insurer's solvency, but critics question the effectiveness of these safeguards in practice.
Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.
Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.