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Committee updates insurance modeling rules, requires model filing while limiting direct exams of modeling firms
Summary
Lawmakers advanced an amended House Bill 2174 that renames advisory organizations as modeling and data organizations and requires them to file models with the Department of Financial Institutions; amendment clarified oversight mechanics so DiFi regulates models and their use but generally will not conduct full market-conduct exams of modeling firms.
The Senate Finance Committee passed an amended House Bill 2174 on March 13 that changes how the state regulates companies that produce models insurers use to set rates. The bill renames advisory organizations as "modeling and data organizations," requires those organizations to file models with the Department of Financial Institutions (DiFi), and clarifies how DiFi reviews and approves models.
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