Generally revise insurance laws

2025 Regular Session

LC 3624 would broadly overhaul state insurance laws, affecting insurers, agents, regulators, and consumers; the draft died in process, so no concrete provisions or effective date.

(LC) Draft Died in Process

#insurance

LC 3624 – Generally revise insurance laws (Summary)

Overview

Bill number: LC 3624

Title: Generally revise insurance laws

Subject: Insurance

Introduced: December 14, 2024

Status: Draft died in process (LC)

Legislative actions to date:

2024-12-14: Drafter Assigned
2024-12-14: Draft On Hold
2025-05-23: Draft Died in Process

Note: The available record indicates a Legislative Counsel draft was prepared and subsequently not advanced. The full text of the bill is not provided in the available summary, so specific provisions are not listed here.

Purpose and intent

The bill’s title, “Generally revise insurance laws,” indicates an intent to undertake a broad reevaluation or overhaul of the state’s insurance statutes. Without the draft text, the precise objectives, guiding principles, and policy priorities are not publicly specified in this record.

Key provisions (not publicly available in the provided record)

The exact scope and details of provisions are not included in the provided information. In a typical broad revision of insurance laws, potential areas often addressed include:

Definitions and regulatory framework for insurers, producers/agents, and rating organizations
Licensing, qualifications, and continuing education requirements
Market conduct and consumer protections
Rate, form, and filing requirements for insurance products
Solvency and financial reporting standards
Consumer notices, disclosures, and dispute resolution processes
Data security, privacy, and IT modernization

Important: These items are common topics in broad insurance-law revisions but are not confirmed for LC 3624 without the draft text.

Who would be affected

Insurers and reinsurers operating in the jurisdiction

Insurance producers/agents and agencies

Regulators and state insurance department staff

Consumers and policyholders engaging with insurance products

Businesses and service providers involved in compliance, legal, and financial services related to insurance

Procedural and timeline aspects

“Drafter Assigned” indicates the Legislative Counsel prepared the draft language.

“Draft On Hold” suggests the draft was not pursued further in the session at that time.

“Draft Died in Process” (as of May 23, 2025) means the bill did not advance toward final passage in this session.

There is no enacted version or effective-date information available from the provided record.

Potential impact if revived

If reintroduced with substantive provisions, the bill could alter regulatory requirements, compliance costs for insurers and agents, and protections for consumers. The magnitude would depend on the final text, including effective dates, transition rules, and any transitional provisions.

Next steps / How to track

Monitor official legislative portals for LC 3624 to obtain the full draft text and any amendments.

If interested, contact committee staff or sponsors for context on the bill’s intent and potential revision timeline.

Review fiscal notes and regulatory impact statements if/when a new draft is circulated.