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State Insurance Update Bill Clears House
HB 246 Would Update and Revise State Insurance Statutes

(JUNEAU) - The House today passed House Bill 264, an omnibus bill making several modifications to state insurance law in the areas of confidentiality of records, employee health benefits, stop-loss insurance and more.

Sponsored by the House Labor and Commerce Committee, HB 246 makes needed changes in several areas, said Rep. Lisa Murkowski (R-Anchorage), chair of the committee:

• Confidentiality of records: HB 264 tightens state confidentiality laws to keep confidential information safe from inspection, copying or subpoena, to ensure Alaska remains accredited by the National Association of Insurance Commissioners, while also allowing the state Director of Insurance to share information with certain regulatory agencies as long as it were kept confidential as well.
• Health insurance: The bill establishes a less burdensome regulatory structure for Multiple Employer Welfare Arrangements, in which two or more employers band together to provide health insurance for employees.
• Other: The bill makes numerous corrections and clarifications of existing insurance statutes in areas including: establishing fees for insurance companies that pay their premium taxes late; establishing minimum benefit levels for stop loss insurance contracts; establishing annual fees for companies operating Joint Insurance Arrangements; revising the Guaranty Fund assessment formula to reflect current state data; and clarifying disclosure of required information prior to sale of consumer credit insurance.

House Bill 246 moves next to the Senate for consideration.

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