The Ticker

Bills (SB 93 and HB 113) to authorize the establishment of an all-payer claims database for healthcare introduced in effort to increase price transparency and support analysis of high cost of care in the state. Under proposed law, insurers and providers would be mandated to disclose cost information. Self-funded payers would be voluntary.

Planning statewide standards to harden homes and buildings against wildfire. Will update rules for new development and guide retrofits. Goal is to work with insurers so those complying with standards can get wildfire coverage.

Number of captives in state grew 35% in 2020, with five pure captives and one special purpose vehicle approved. The state initiated a marketing campaign last year to grow the sector. >> State sets new compliance deadline for Insurance Data Security Law (IDSL). The date for filing certification of security program compliance with Insurance Department is now June 15, but that could be extended if legislature approves the move. Additionally, New York state has been named a safe harbor, so licensees certified as compliant with 23 NYCRR Part 500 will be considered compliant with IDSL.

Adopts Regulation Best Interest for annuities, based on NAIC model law. Effective Aug. 1, it means annuity providers must put interest of consumer first in all sales. Sellers can collect commissions from issuers rather than being paid solely by buyer.

SB 1408 and HB 1209, companion bills supporting Department of Financial Services, include measure to make aiding an unlicensed insurance transaction a felony. Moving through legislature at press time.

Gov. Eric Holcomb signs law giving broad protections to businesses against COVID-19 lawsuits in cases where there is no gross negligence or willful/wanton misconduct. Retroactive to March 1, 2020.

NAIC names Insurance Commissioner Kathleen Birrane as one of three U.S. representatives on European Union-United States Insurance Dialogue Project Steering Committee and as NAIC’s rep to URAC, a nonprofit accreditation and certification service for healthcare organizations.

New rules based on NAIC Insurance Data Security Model Law became effective Jan. 20 and apply to any licensed insurance producer or insurer. Those include comprehensive written information security programs that provide safeguards for non-public information, a written incident response plan, and contracts with third-party service providers that require infosec measures on their part. Rules apply to licensees with 25 or more employees.

State will begin issuing licenses to medical marijuana dispensaries by Aug. 15. State regulations for medical marijuana will be promulgated by July 1. The entire program is the focus of a lawsuit being heard by Supreme Court April 14 seeking to block implementation. The legislature is looking at legislating, rather than regulating, the issue.