Bill
LC 3551
Overview: Bill Number: LC 3551, Title: Generally revise insurance laws, Status: (LC) Draft Died in Process, Introduced: December 14, 2024Purpose and Intent: The purpose of this bil
Overview: Bill Number: LC 3551, Title: Generally revise insurance laws, Status: (LC) Draft Died in Process, Introduced: December 14, 2024
Purpose and Intent: The purpose of this bill is to undertake a comprehensive review and update of the state's insurance laws and regulations. The intent is to address emerging industry trends, enhance consumer protections, and ensure the insurance marketplace remains stable, competitive, and responsive to the needs of individuals and businesses.
Key Provisions:
- Establish new requirements for insurance companies to disclose and justify rate increases above a certain threshold
- Mandate the inclusion of mental health and substance abuse coverage in all health insurance plans
- Prohibit the use of certain demographic factors, such as gender and zip code, in setting auto insurance premiums
- Expand the authority of the state insurance commissioner to investigate and penalize unfair or deceptive insurance practices
Affected Parties and Impacts: The proposed changes would primarily impact insurance companies, insurance agents, and consumers of various insurance products (health, auto, homeowners, etc.). Consumers would benefit from increased transparency, fairer pricing, and expanded coverage options, while insurers would need to adapt their business practices to comply with the new regulations.
Procedural and Timeline Considerations: This bill was introduced as a draft legislative concept (LC) but did not advance further in the process before the session ended. Any reintroduction would require starting the legislative process anew.
Compiled from official sources — confirm details with the bill’s official record.
Sign in to ask a question.
