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Committee endorses insurance code updates including title insurance record protections and wire‑fraud reporting
Summary
The committee adopted a first substitute and gave a favorable recommendation to HB 58, which updates insurance examination procedures, authorizes the department to draw exam costs from insurer reserves, requires title insurance wire‑fraud reporting, and raises a spending cap for captive regulation.
Representative Dunigan and Insurance Commissioner John Pike briefed the House Business, Labor and Commerce Committee on HB 58, a package of insurance code technical changes and several policy provisions.
Dunigan said the bill lets the department take unpaid financial examination fees from an insurer’s required reserves with a subsequent duty for the insurer to restore the reserve. He said the…
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