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Committee approves amendments to require separate fiduciary accounts and bankruptcy notice for third-party administrators
Summary
House Bill 2,044, as amended, would require third-party administrators to maintain separate fiduciary accounts to prevent commingling of multiple payers' funds and would require notice to the Commissioner of Insurance of any bankruptcy petition by a third-party administrator. The committee adopted two amendments and moved the bill out favorably.
House Bill 2,044 would require third-party administrators (TPAs) that hold funds on behalf of multiple payers to maintain separate fiduciary accounts so those funds are not commingled. The bill would also require the Commissioner of Insurance to be notified if a TPA files for bankruptcy.
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