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February 14, 2014 BOSE PUBLIC AFFAIRS GROUP INSURANCE BULLETIN XIV, NUMBER 6
In This Issue
General Assembly Overview Unclaimed Life Insurance Benefits IDOI Bill House Considers Repeal of Key Insurer Tax Credits Electronic Delivery of Insurance Documents Motor Vehicle Financial Responsibility Pollution Exclusion Lawsuit Lending Abortion Coverage Mandate Biosimilar Drug Bill
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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 is scheduled for hearing next Thursday (2/20) at 10am in the Senate Insurance Committee.
HB 1058 (Rep. Peggy Mayfield) provides for the electronic delivery of insurance notices and documents instead of other modes of delivery otherwise required for such notices and documents. The bill requires a recipient's consent to electronic delivery and a method to withdraw consent. It also includes provisions regarding electronic posting of documents on an insurers website. The bill is scheduled to be heard on Thursday in the Senate Insurance Committee.
POLLUTION EXCLUSION
HB 1241, authored by Rep. Martin Carbaugh (R), is a resurrection of last sessions HB 1269, which clarifies when environmental coverage is excluded from a commercial general liability insurance policy. Amendments were adopted on second reading in the House which include additional consumer notification provisions as well as language that would apply the bill prospectively. The bill is scheduled to be heard on Thursday in the Senate Insurance Committee.
LAWSUIT LENDING
HB 1205, authored by House Chairman Matt Lehman (R), regulates the practice of lawsuit lending subject to the jurisdiction of the Indiana Department of Insurance. It caps the interest rate at 38%. The bill is scheduled to be heard on Monday (2/24) in the Senate Civil Law Committee.
HB 1123 was amended in the House to make this mandate effective upon renewal on or after June 30, 2014. At the request of some insurers, the bill will be amended to make that effective date 1/1/2015. This change will provide necessary flexibility for insurers to update systems to accommodate this bill.