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Committee hears insurance-code technical changes including mutuals, filings, and protected classes
Summary
DFR's Joe Valente described H.648 changes that allow mutual insurance holding companies to use 'mutual' in their names, codify quarterly filing requirements recommended by NAIC, adjust an impractical 1993 dependent-coverage test for group life policies, and explicitly add race, religion and national origin to the insurance unfair-practices statute.
Joe Valente, director of policy at the Department of Financial Regulation, briefed the committee on the insurance provisions in H.648 and answered a question about appeals for restitution awards. Valente said that if the commissioner orders a restitution award forfeited for fraud or deceit, the individual may appeal to the Superior Court of Washington County.
On substantive code…
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