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- Insurance Regulatory Insights
As the regulatory bodies that govern slow down for the holiday, so will we! No newsletter next week. Enjoy your Fourth of July!
Telos Actuarial brings you this week’s legislative and regulatory insurance insights from around the nation.
Bill “Status” is defined in the tables below by:
New: proposed law recently introduced for consideration by Legislature
Approved: passed by the Legislature and approved by the Governor
Movement: bill has progressed in legislative process
Fail: bill has died in committee or failed to pass
As a bonus this week, we are spotlighting pending legislation in the current session for Medicare Supplement insurance (U65/Disability/ESRD, Annual OE periods, and Birthday Rule).
Dental
State | Bill/Notice Number | Status | Summary |
|---|---|---|---|
RI | Movement (sent to Governor) | Requires dental health insurance carriers to file an actuarial memorandum disclosing incurred claims/earned premiums by March 1, 2025 (reporting years 2023 & 2024) and March 1, 2026 (reporting year 2025), to assist with a study report/recommendations regarding a dental insurance loss ratio |
STLDI & Fixed Indemnity
State | Bill/Notice Number | Status | Summary |
|---|---|---|---|
IL | Movement (sent to Governor) | Provides that, on and after January 1, 2025, no company shall issue, deliver, amend, or renew short-term, limited-duration insurance to any natural or legal person that is a resident or domiciled in the State. Defines short-term, limited duration insurance as having an expiration date fewer than 365 days after the effective date. |
All Products
State | Bill/Notice Number | Status | Summary |
|---|---|---|---|
NE | New | Sets expectations for how insurers should govern the development, acquisition, and use of AI technology. Also advises of the type of information and documentation that may be requested during an investigation or examination regarding an Insurer's use of AI Systems | |
WV | New | Incorporates the new provisions of Senate Bill 267 (2023), which updates and amends legislation regarding prior authorizations, including electronic submissions |
🔦Medicare Supplement Spotlight 🔦
States with legislation currently pending in the current session
U65/Disability/ESRD
OE periods
Birthday Rule
Telos Actuarial’s team of experienced regulatory compliance professionals are ready to help YOU stay informed of legislative and regulatory changes. Reach out to us for more information!