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Minutes for HB2044 - Committee on Financial Institutions and Insurance
Short Title
Requiring that third party administrators maintain separate fiduciary accounts for individual payors and not contain funds collected or held on behalf of multiple payors and disclose to the commissioner of insurance any bankruptcy petition filed by or on behalf of such administrator.
Minutes Content for Wed, Feb 26, 2025
Chairperson Dietrich opened the hearing on HB2044. Revisor Eileen Ma provided a synopsis of the bill and stood for questions. (Attachment 3)
Eric Turek of the Department of Insurance was a proponent of the bill.(Attachment 4) He explained that this bill would facilitate the return of funds to appropriate payors during instances of third party administrator bankruptcies. It is a companion bill to SB21 in which this Committee had amended the word "immediately" and the House bill had no amendments. He answered questions from the Committee.
There was no other testimony.
Chairperson Dietrich closed the hearing on HB2044.
