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    HB 1429: Insurance Regulations

    GENERAL BILL by Fabricio

    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.
    more

    Effective Date: 7/1/2025

    Last Action: 6/16/2025 House - Died in Insurance & Banking Subcommittee

    Bill Text [pdf]

    Current Bill Version Posted: 2/28/2025 11:25 AM


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