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BILL #

CHAPTER #

ISSUE

BILL DESCRIPTION

HB 7728

31

Financial Regulation

Requires the filing of an annual actuarial opinion by all domestic property and casualty insurers. Effective date: January 1, 2010.

HB 7867

233

Market Conduct Regulation

Would create the Market Conduct Surveillance Act in order to establish a framework for insurance market conduct actions; provides for information collection to develop a baseline and to identify patterns of insurers that deviate from the norm or pose a potential risk; relates to underwriting, rating, marketing, sales, complaint handling, advertising, policyholders, non-forfeiture, claims handling, policy forms and filing; relates to affiliates and foreign insurers; provides for confidentiality and fines. Effective date: July 4, 2008.

HB 7882

288

Supersedeas Bond

Requires a supersedeas bond of a specified amount of all appellants collectively regardless of the value of the judgment in order to stay the execution of a judgment related to the Master Settlement Agreement; takes effect upon passage and applies to any action pending on or filed on or after the date of passage; relates to a stay of execution of judgment upon appeal. Effective date: July 4, 2008.

HB 7906

475

State Regulation

Makes technical adjustments to various statutes as recommended by the Law Revision Office of the Joint Committee on Legislative Services; takes effect upon passage; relates to computation of the rate of interest for interest on overpayments of state taxes and surcharges; relates to signatures and an electronic process approved by the state registrar of vital records; relates to insurance reporting requirements, nonrenewal and insurance policy expiration dates. Effective date: July 5, 2008.

HB 8067

144

State Regulation

Removes the requirement for a business entity license for surplus line brokers; allows the department to issue business entity licenses for all license types if a resident needs such a license to obtain nonresident licenses in other states; allows an exception to prelicensing; clarifies the annual contracted producer report; confirms current filing requirement and fees; relates to premium tax records.; includes partnerships, limited liability companies and motor vehicle physical damage appraisers. Effective date: July 1, 2008.

HB 8329

381

Auto Body Shops

Creates a special legislative study commission to make a comprehensive study and develop a strategy for moving the regulatory function over auto body shops from the Department of Business Regulation to a different entity; requires report to the General Assembly. Effective date: July 5, 2008.

SB 2403

391

Fire Suppression Equipment

Requires insurers to provide a credit for installation of fire suppression and prevention equipment in rating commercial insurance policies; provides that a commercial insured should receive a credit or discount for installation of equipment or building materials that lessen insured losses resulting from fire; provides that any premium reduction or credit must be actuarially supported and information sufficient to document such support must be included in the filing to the department. Effective date: January 1, 2009.

SB 2444

371

Rental Vehicles

Increases optional insurance on rental of motor vehicles to sixty (60) days; increases total cost of examination of rating organization licensed in the state to one hundred fifty percent of the total salaries paid to the examining personnel; increases the annual fee for a license. Effective date: July 8, 2008.

SB 2446

72

Market Conduct Regulation

Creates the Market Conduct Surveillance Act in order to establish a framework for insurance market conduct actions; includes in market conduct examinations a review of rating, tier classification, underwriting, policyholder service, claims, marketing and sales, producer licensing, complaint handling practices, or compliance procedures and policies. Effective date: June 25, 2008.

SB 2599

198

Company Licensing

Removes the requirement for a business entity license, in addition to an individual license, for surplus line brokers but allows the Department of Business Regulation to issue business entity licenses for all license types if a resident needs such a license to obtain nonresident licenses in other states; allows an exception to prelicensing for good cause at the discretion of the department; clarifies the annual contracted producer report; confirms the current filing requirement and related fees. Effective date: July 2, 2008.

SB 3111

377

Workers' Compensation

Relates to labor and labor relations; concerns workers' compensation benefits; allows for members of the Police and Aircraft Rescue and Firefighting (ARFF) units of the State Airport Corporation to be covered relative to injuries sustained while in the performance of duties by the Workers Compensation System; provides for determination of a civil penalty. Effective date: July 8, 2008.