Bill
HB 4719
Overview: HB 4719 - Insurance: other; civil penalties for violations; allow.Purpose and Intent: The bill seeks to enhance enforcement of insurance regulations by authorizing the st
Overview: HB 4719 - Insurance: other; civil penalties for violations; allow.
Purpose and Intent: The bill seeks to enhance enforcement of insurance regulations by authorizing the state insurance commissioner to impose civil penalties on insurers for violations of the insurance code.
Key Provisions:
- Grants the insurance commissioner the authority to levy civil fines of up to $50,000 per violation against insurance companies
- Allows the commissioner to consider factors such as the severity of the violation, the insurer's compliance history, and any consumer harm when determining penalty amounts
- Requires insurers to pay civil penalties within 30 days of a final order, with funds going to the state's general fund
Affected Parties and Impacts:
- Insurance companies operating in the state, which face potential financial penalties for non-compliance
- State insurance regulators, who gain an additional enforcement tool to ensure industry compliance
- Consumers, who may benefit from stronger regulatory oversight and deterrence of insurer misconduct
Procedural and Timeline Considerations:
The bill has been referred to the House Committee on Finance, Insurance, and Consumer Protection for initial review. If passed, the civil penalty provisions would take effect 90 days after the legislation is signed into law.
Compiled from official sources — confirm details with the bill’s official record.
Sign in to ask a question.
