Plain English Breakdown
The provided text is a summary of the bill's intent and does not contain the full legal definitions or specific numerical values for deposits and fees.
HB410: Updates to Insurance Department Rules and Fees
This law updates rules for the state insurance department by changing deposit requirements, removing certain fees, revising application forms, and eliminating newspaper publication notices.
What This Bill Does
- Revises the statutory deposit requirement for foreign insurers.
- Removes fees charged to branch licensees of insurance agencies.
- Revises application requirements for domestic stock and mutual insurers.
- Removes the requirement to publish newspaper notices for applications, amendments, or surrenders by domestic stock and mutual insurers.
- Removes the publication requirement for charters, consolidations, and mergers of fraternal benefit societies.
- Revises application requirements for farmers' mutual fire insurance companies.
- Removes the licensure requirement for agency branches.
Who It Names or Affects
- The Department of Insurance
- Foreign insurers operating in the state
- Domestic stock and mutual insurers
- Fraternal benefit societies
- Farmers' mutual fire insurance companies
Limits and Unknowns
- The official summary does not list specific dollar amounts for new deposit requirements or fee changes.
- Specific details on how application forms will change are not included in the provided text.