This bill strengthens financial oversight of third-party insurance plan administrators by requiring their annual financial statements to be independently audited and by setting clear rules for how companies must report their finances when applying for or renewing their licenses. Companies with less than two years of operating history must provide detailed monthly financial statements prepared by their officers, and if they report finances on a consolidated basis, they must also provide a detailed breakdown showing each separate entity's numbers along with explanations of how the numbers were combined.
This bill does not directly amend codified state law.
Signed by the Governor S.J. 261
Delivered to the Governor S.J. 227
Signed by the Speaker H.J. 275
Signed by the President S.J. 192
House of Representatives Do Pass Passed, YEAS 68, NAYS 0. H.J. 241
House of Representatives Do Pass Passed, YEAS 68, NAYS 0. H.J. 243
Commerce and Energy Certified uncontested, placed on consent
Commerce and Energy Do Pass Passed, YEAS 12, NAYS 0.
Commerce and Energy Scheduled for hearing
House of Representatives Referred to House Commerce and Energy H.J. 59
First Reading House H.J. 50
Senate Do Pass Passed, YEAS 34, NAYS 0. S.J. 63
Senate Do Pass Passed, YEAS 34, NAYS 0. S.J. 63
Commerce and Energy Certified uncontested, placed on consent
Commerce and Energy Do Pass Passed, YEAS 6, NAYS 0.
Commerce and Energy Scheduled for hearing
First read in Senate and referred to Senate Commerce and Energy S.J. 11
Commerce and Energy — Do Pass
Commerce and Energy — Do Pass