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Legislative Successes for PAMIC and the Insurance Industry

April 12, 2018 3:30 PM | Vaughn Lawrence (Administrator)

Good news related to numerous pieces of legislation that PAMIC has been instrumental in driving to the finish line.  The PA House of Representatives dealt with numerous insurance-related Bills.

HB 1851 Amends Insurance Dept. Act re financial exams Pickett, Tina Apr 9, 2018 - H-Laid out for discussion Apr 9, 2018 - H-Third consideration Apr 9, 2018   This bill includes PAMIC’s transparency initiatives related to the PID’s use of outside consultants and a broader industry initiative to put procedures and requirements in place when the PID is conducting both financial and market conduct exams.  A companion bill in the Senate recently passed with a unanimous vote as well.  The two bills will go to a Conference Committee for final consideration before going to the Governor for signature. H-Final Passage by a vote of 194 YEAS 0 NAYS 

The following two Bills work together to eliminate the long-standing prohibition on producers giving rebates and inducements to their clients. They allow up to $100 in value per customer.

SB 877 Amends Insurance Department Act re rebates White, Donald Apr 9, 2018 - H-Laid out for discussion Apr 9, 2018 - H-Third consideration Apr 9, 2018 -A companion bill in the Senate recently passed with a unanimous vote as well.  The bill will go to a Conference Committee for final consideration before going to the Governor signature. H-Final Passage by a vote of 195 YEAS 0 NAYS 

SB 878 Amends Insurance Company Law re rebates White, Donald Apr 9, 2018 - H-Laid out for discussion Apr 9, 2018 - H-Third consideration Apr 9, 2018 -A companion bill in the Senate recently passed with a unanimous vote as well.  The bill will go to a Conference Committee for final consideration before going to the Governor for signature H-Final Passage by a vote of 191 YEAS 2 NAYS

The following bills create new limited lines licenses allowing consumers to purchase self-service storage insurance and travel insurance at the business location.  Both these bills passed the Senate unanimously with a high likelihood of passing the House this week as well.

HB 504 Amends The Insurance Dept. Act re storage Charlton, Alexan Apr 9, 2018 - H-First consideration Apr 9, 2018 - H-Laid on the table

SB 630 Act re limited lines travel insurance Reschenthaler, G Apr 9, 2018 - H-First consideration Apr 9, 2018 - H-Laid on the table

This article was previously published in the PAMIC 360

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