Committee approves larger fines for insurance violations
House Bill 1262 would raise maximum civil penalties for insurance violations from $2,000/$5,000 to $10,000/$25,000 and was approved by the committee after brief technical questions; the change is aimed at restoring deterrence eroded by inflation.
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Mister Chairman presented House Bill 12 62, a Department of Insurance measure that would increase statutory caps on fines in four enforcement areas — mental-health parity enforcement, general fines, surprise-billing violations and prepaid legal service plans. The sponsor said the current caps have not kept pace with inflation: "The $2,000 cap has not been adjusted in more than 15 years, and the $5,000 cap has not been updated in over 30 years."
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