2014 indiana legislative update # 6
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8/12/2019 2014 Indiana Legislative Update # 6
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Legislative Report February 14, 2014 BOSE PUBLIC AFFAIRS GROUP INSURANCE
BULLETIN XIV, NUMBER 6
In This Issue General Assembly Overview Unclaimed Life Insurance Benefits IDOI Bill House Considers Repeal of Key
Insurer Tax Credits Electronic Delivery of Insurance
Documents
Motor Vehicle FinancialResponsibility Pollution Exclusion Lawsuit Lending Abortion Coverage Mandate Biosimilar Drug Bill
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GENERAL ASSEMBLY OVERVIEWIn a rare occurrence this week, Governor Pence testified in front ofthe Senate Education and Career Development Committee insupport of HB 1004 dealing with early childhood learning. It was hisfirst time testifying as Governor in support of a bill. Pence’s remarkscentered on his administration’s goal of reducing childhood povertyand addressing pre-kindergarten programs as outlined in HB 1004. Toview Pence’s full testimony, please click here .
Mass transit legislation for Central Indiana is on the move once againas the House Roads and Transportation Committee heard SB 176 thisweek. The Senate had placed an amendment in the bill to impose acounty income tax or a county employment tax on C corporations ineligible counties. The House Committee removed this language thatwould have affected C corporations.
House Joint Resolution 3 faced discussion in the Senate this weekafter being amended in the House to remove language which wouldhave banned civil unions. HJR 3 was heard in the Senate RulesCommittee on Monday, and Senate President Pro Tem David Long
(R-Fort Wayne) was adamant that any proposed amendments beoffered and discussed on second reading in front of the entireSenate. HJR 3 was up for second reading amendment on Thursdaywhere there were amendments filed to add in the civil unionlanguage that was removed in the House; however, the amendmentauthors did not call down the proposals for discussion due to a lackof votes. The measure now moves to the full Senate for a final vote asearly as Monday. If it passes the Senate, the proposed amendmentwould have to be approved again by a future General Assemblyand couldn't come before voters until at least 2016.
The business personal property tax proposals continue to work their
way through the Indiana General Assembly. The two proposals, HB1001 and SB 1, are different from one another. HB 1001 is basically acounty option to eliminate the personal property tax on newequipment purchases. SB 1 eliminates the business personal propertytax for businesses with less than $25,000 worth of business equipmentand supplies. According the calculations, the SB 1 proposal wouldinclude about 70% of Indiana businesses. Governor Pence and fiscalleaders continue to receive pressure from mayors across the state.However, just this week Governor Pence stated that he was open toproposals to fully replace the revenue that local governments mightlose under the SB 1 proposal .
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UNCLAIMED LIFE INSURANCE BENEFITSSB 220 , authored by Sen. Travis Holdman (R), requires insurers to usethe SSA’s Death Master File or a database as inclusive to help withthe accurate administration of unclaimed death benefits for policies
and contracts issues or entered into after June 30, 2015.
Due to concerns by the Attorney General ’s office, the prospectivetreatment of the bill may be taken out and application would thenbe to all in-force policies and contracts. The bill is scheduled forhearing on Wednesday (2/19) at 10:30am in the House InsuranceCommittee.
IDOI BILLHB 1206 , authored by House Insurance Chairman Matt Lehman (R),
does the following: (1) removes a requirement for life insurers tosubmit individual investments to the Department of Insurance; (2)removes a requirement that a foreign or alien insurer submit anapplication for admission to do business in Indiana in duplicate; (3)changes from March 15 to July 1 of each year the due date forcertain insurance holding company filings; (4) adopts ORSA; (5)repeals a provision requiring the Commissioner to examine andpublish a foreign or alien insurer’s annual condensed statement ofassets and liabilities; and (6) specifies requirements for servicecontracts.
The bill is scheduled for hearing next Thursday (2/20) at 10am in theSenate Insurance Committee.
HOUSE CONSIDERS REPEAL OF KEYINSURER TAX CREDITSSB 367 , originally filed as a property tax bill, was amended late in theSenate committee process and now includes a sunset on numeroustax credits; including, a sunset of the following: Indiana Life andHealth Guaranty Association Tax Credit (12/31/17), Indiana InsuranceGuaranty Association Tax Credit (12/31/17) and the IndianaComprehensive Health Insurance Association Tax Credit (1/1/17). Arepeal of these credits will certainly have a negative financial impacton insurers that have already paid assessments and that haveassessments coming in the future.
The bill has been assigned to House Ways and Means, and ChairmanTim Brown is the lead sponsor. The bill has yet to be scheduled for ahearing, but we anticipate that the hearing may occur next Tuesdayafternoon.
ELECTRONIC DELIVERY OF INSURANCENOTICES AND DOCUMENTS
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HB 1123 was amended in the House to make this mandate effectiveupon renewal on or after June 30, 2014. At the request of someinsurers, the bill will be amended to make that effective date1/1/2015. This change will provide necessary flexibility for insurers toupdate systems to accommodate this bill.
BIOSIMILAR DRUG BILL HEARING SETFOR WEDNESDAYSB 262 will be heard Wednesday in the House Public HealthCommittee. The bill regulates the circumstances under which abiosimilar drug, once available, could be substituted for a brandname biologic.
Opposition to the bill in the past has been intense, however recentversions of the bill have softened opposition however insurers andPBMs remain opposed because it seeks to limit the availability ofmore cost-effective pharmaceuticals.
For more informationTrent Hahn
[email protected] O’Brien
Telephone: 317/684-5400Fax: 317/684-5432