HB1332: Insurance matters.

Legislative Summary

Insurance matters. Establishes the insurance producer education and continuing education commission with appointments to the commission by the commissioner of the department of insurance (department). Repeals the insurance producer education and continuing education advisory council. Repeals the law requiring an alien or foreign insurance company to annually submit to the department a condensed statement of its assets and liabilities and requiring the department to publish the statement in a newspaper. Adds to the law on the regulation of insurance holding company systems provisions concerning liquidity stress testing according to the framework established by the National Association of Insurance Commissioners. Amends the law on insurance administrators to set forth certain circumstances under which an insurance administrator is required to apply to Indiana for a license. Requires an insurer to mail a written notice of nonrenewal to an insured at least 60 days before the anniversary date of the policy if the coverage is provided to a municipality or county entity. Provides that if a party to a health provider contract intends to terminate the contractual relationship with another party to the health provider contract, the terminating party must provide written notice to the other party of the decision to terminate the contractual relationship not less than 90 days before the health provider contract terminates. Amends the law on individual prescription drug rebates and the law on group prescription drug rebates to authorize the department to adopt rules for the enforcement of those laws and to specify that a violation of either of those laws is an unfair or deceptive act or practice in the business of insurance. Requires an insurer to only offer to plan sponsors the following plans: (1) A plan that applies 100% of the rebates to reduce premiums for all covered individuals equally. (2) A plan that calculates defined cost sharing for covered individuals of the plan sponsor at the point of sale based on a price that is reduced by an amount equal to at least 85% of all of the rebates received or estimated to be received by the insurer. Changes the date of applicability for provisions regarding a notice of material change from after June 30, 2024, to after June 30, 2025. Amends the property and casualty insurance guaranty association law concerning the allocation, transfer, or assumption by one insurer of a policy that was issued by another insurer.