Bill Status of SB 1723   100th General Assembly

Short Description:  INSURANCE INDUSTRY INNOVATION

Senate Sponsors
Sen. Antonio Muņoz-William E. Brady

Last Action  View All Actions

DateChamber Action
  1/9/2019SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act

Synopsis As Introduced
Creates the Insurance Industry Innovation Act. Creates the Innovation Division within the Department of Insurance to promote insurance product innovations. Provides that the Innovation Division shall be under the direction of the Deputy Director of the Innovation Division. Sets forth duties of the Deputy Director. Provides that an individual may petition the Department to waive or modify certain requirements in State statutes or Department rules related to an insurance innovation the individual offers or intends to offer. Provides that the petition shall demonstrate that the insurance innovation would serve the public interest, improve access to insurance products or services, and does not present systematic risk to the State and promotes consumer protection. Provides the process by which a petition is submitted to the Department and the process by which the Department may approve or reject the petition. Provides that, if the Department approves a petition, the person may enter into an enforceable compliance agreement with the Department, which includes the terms under which the insurance innovation may be offered. Provides that one year after the effective date, and annually thereafter, the Department shall report to the General Assembly on the aggregate impact of the enforceable compliance agreements. Provides that the Act is repealed on December 31, 2022. Effective January 1, 2018.

Actions 
DateChamber Action
  2/9/2017SenateFiled with Secretary by Sen. Antonio Muņoz
  2/9/2017SenateFirst Reading
  2/9/2017SenateReferred to Assignments
  2/28/2017SenateAssigned to Insurance
  2/28/2017SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Antonio Muņoz
  2/28/2017SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/7/2017SenateSenate Committee Amendment No. 1 Assignments Refers to Insurance
  3/9/2017SenatePostponed - Insurance
  3/9/2017SenateSenate Committee Amendment No. 1 Postponed - Insurance
  3/14/2017SenateAdded as Chief Co-Sponsor Sen. William E. Brady
  3/15/2017SenateSenate Committee Amendment No. 2 Filed with Secretary by Sen. Antonio Muņoz
  3/15/2017SenateSenate Committee Amendment No. 2 Referred to Assignments
  3/16/2017SenatePostponed - Insurance
  3/16/2017SenateSenate Committee Amendment No. 1 Postponed - Insurance
  3/17/2017SenateRule 2-10 Committee Deadline Established As April 7, 2017
  3/22/2017SenateSenate Committee Amendment No. 2 Assignments Refers to Insurance
  3/29/2017SenatePostponed - Insurance
  3/29/2017SenateSenate Committee Amendment No. 1 Postponed - Insurance
  3/29/2017SenateSenate Committee Amendment No. 2 Postponed - Insurance
  4/7/2017SenateRule 3-9(a) / Re-referred to Assignments
  4/7/2017SenateSenate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
  4/7/2017SenateSenate Committee Amendment No. 2 Rule 3-9(a) / Re-referred to Assignments
  1/9/2019SenateSession Sine Die

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