ACT 152, SB953 SD2 HD1 CD1, 7/10/2017

Posted on Jul 13, 2017 in 2017 Acts

RELATING TO INSURANCE

Requires a motor vehicle insurer to pay the applicable general excise tax and certificate of ownership fee when settling with a third-party claimant in a total loss claim. Increases monetary penalties for insurance fraud for a class C felony and misdemeanor. Clarifies process for insurers applying for an original certificate of authority and transferring insurers amending corporate documents after a transfer. Specifies fee for a certificate of authority for an application for motor vehicle self-insurance. Permits insurance commissioner to issue a declaration before an event that may require the use of nonresident adjusters. Beginning 1/1/2019, conforms producer licensing requirements to the National Association of Insurance Commissioners’ Producer Licensing Model Act. Requires certain costs and expenses incurred by the commissioner during supervisory procedures to be paid or reimbursed by insurer assets. Makes housekeeping amendments. 

ACT 152, SB953 SD2 HD1 CD1