HB 1141: Insurance Regulations

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Insurance Regulations; Requires documentation supporting that financial considerations & payments to affiliates by reciprocal insurers are fair & reasonable; authorizes reciprocal insurers to require subscriber contributions; provides applicability of specialty insurer provisions & nonapplicability of continuing care provider requirements to bondholders; specifies circumstances under which continuing care providers may withdraw specified percentage of required minimum liquid reserve; provides that continuing care & continuing care at-home contracts are not subordinate to any secured claims & must be treated with higher priority over all other claims in event of receivership or liquidation proceedings against continuing care provider; requires each continuing care facility to have its own designated resident representative; provides requirements for providers who borrow or solicit funds from residents; prohibits persons from acting or holding themselves as management companies for continuing care retirement communities without certificate of authority; provides guidelines for commissioner to determine if provider or facility is insolvent or in imminent danger of becoming insolvent; requires office to record notices of lien against continuing care facilities' properties.

Sponsors

Sponsors by party (alphabetical): Republican 1

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. February 26, 2025Withdrawn prior to introduction
2. February 26, 2025Filed