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February 7, 2014 BOSE PUBLIC AFFAIRS GROUP INSURANCE BULLETIN XIV, NUMBER 5
In This Issue
General Assembly Overview Unclaimed Life Insurance Benefits IDOI Bill Workers Comp
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The most publicized issue of the session, House Joint Resolution 3, will pick back up next week. The Senate Rules Committee will hear testimony on the proposed constitutional amendment immediately after the Senates regular 1:30 p.m. session ends. As you may recall from prior reports, the House passed HJR 3 after removing its controversial second sentence, which would have banned civil unions and similar arrangements. That provision could be restored in the Senate but probably not during Mondays committee hearing. Sen. Long has said he would prefer any proposed changes to the House version be considered before the full Senate. Because of the short week only a few bills of interest received attention. Things will pick back up on Monday.
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IDOI BILL
HB 1206, authored by House Insurance Chairman Matt Lehman (R), does the following: (1) removes a requirement for life insurers to submit individual investments to the Department of Insurance; (2) removes a requirement that a foreign or alien insurer submit an application for admission to do business in Indiana in duplicate; (3) changes from March 15 to July 1 of each year the due date for certain insurance holding company filings; (4) adopts ORSA; (5) repeals a provision requiring the Commissioner to examine and publish a foreign or alien insurers annual condensed statement of assets and liabilities; and (6) specifies requirements for service contracts. The bill passed the House two weeks ago and Senate Insurance Chairman Allen Paul is the Senate Sponsor. The bill has not been scheduled for a hearing yet, but it is expected that the hearing will occur either the second or third Thursday of February in the Senate Insurance Committee.
WORKERS COMP
As an encore to HEA 1320 (from last session), SB 294 originally provided the following: additional restrictions on repackaged prescription drugs; reduction to the reimbursement cap from 200% of Medicare to 150% of Medicare; cap on reimbursement for implants; clarified the definition of medical service provider. The bill was amended in the Senate Pensions & Labor Committee hearing last week and now only contains language relative to repackaged drugs, clarification with respect to the definition of a medical service provider, and prohibition of double billing for implants. As amended, the bill passed out of the Senate unanimously. Representatives Ober and Lehman are the House sponsors.