Requires rate filings for prior approval for commercial property insurance, commercial general liability insurance, and personal residential property insurance; requires insurers provide written explanations for premium increases in certain covered policies; requires certain insurers of homeowners' insurance to refile its homeowners' insurance rates and, in certain circumstances, be required to reduce rates.
An Act Concerning Electronic Posting Of Certain Documents By Insurers, Nonrenewal Or Cancellation Of Property And Casualty Insurance Policies, Federal Home Loan Banks And The Insurers Rehabilitation And Liquidation Act, Hypothecation Of Assets And Surplus Lines Insurance.
Clarifies that residents of the state and any policyholder, contract holder, certificate holder, or beneficiary of a policy, contract, or certificate of life, accident and health insurance may sue an insurer for violations related to misrepresentations, misleading statements and incomplete comparisons.