Bill No.: HB0016 Drafter: LGC
LSO No.: 12LSO-0016 Effective Date: July 1, 2012
Enrolled Act No.: HEA0012
Chapter No.: CH0038
Prime Sponsor: Joint Corporations, Elections and Political Subdivisions Interim Committee
Catch Title: Insurance code-revisions.
Subject: General revisions to the insurance code.
Summary/Major Elements:
· The act clarifies that any order or decision of the insurance commissioner is subject to review under the Administrative Procedure Act.
· The act broadens the items the insurance commissioner may consider in determining whether an insurer is acting in an injurious or hazardous manner and broadens the actions he may take to prevent the actions.
· The act provides additional guidelines for suspension and revocation of insurers’ certificates of authority.
· The act adjusts the risk based capital requirements for life, disability and health insurers.
· The act clarifies that risk based capital determinations are not intended as a means to rank health organizations.