Relates to mortgage guaranty insurance; allows for withdrawals from the contingency reserve if the superintendent determines that such withdrawals will not be harmful to policy holders.
Relates to providing for the use of treatment guidelines in the no-fault system; prohibits insurers from paying any charge which exceeds the applicable fee schedule or which is not provided for under the fee schedule or compensable under Medicare.
Provides for the formation of mutual holding companies by certain domestic mutual property/casualty insurers and the reorganization in connection therewith of a domestic mutual property/casualty insurer into a domestic stock property/casualty insurer.
Requires certain corporations authorized to operate in the state and subject to the supervision of the department of financial services that had annual gross revenues of at least five hundred million dollars ($500,000,000) in the prior calendar year to annually prepare a climate-related financial risk report for submission to the secretary of state and to make such report available to the public.
Prohibits insurance companies from discriminating based on genetic predisposition including refusing to issue or renew, charging any increased rate, or restricting any length of coverage; prohibits insurers from requiring genetic testing.
Provides that an insurer doing business in this state shall be liable to a policy holder for such insurer's refusal to pay or unreasonable delay of payment to the policy holder if such refusal or delay was not substantially justified; enumerates instances whereby an insurer's refusal or delay of payment is not substantially justified including intentional negligence, failure to act in good faith, failure to provide written denial of claim, failure to make final determination of claim within six months, and failure to promptly proceed with the appraisal process.
Requires the terms and conditions of any individual life insurance policy loan to be in writing, be signed by the insured and the agent and contain a signed statement that the agent has explained the terms to the policyholder.
Prohibits cancellation, non-renewal or conditioning renewal of automobile insurance of a policyholder solely as a result of a dispute or a complaint pending against the insurer.
Enacts "Isabella's law" to require all health insurance policies and medical assistance to provide insurance coverage for the cost of medically necessary hearing aids for children under the age of 16.
Provides that payment of interest penalty and attorney fees to claimant when payment of a claim is overdue shall be exclusive remedy when insurer fails to make timely payment; provides such failure of insurer to make timely payment or issue denial within 30 days after proof of claim has been submitted to insurer shall not preclude such insurer from issuing a denial or asserting a defense after the 30 day period has elapsed.