Bill > SB132

This bill is a comprehensive omnibus insurance legislation that makes numerous modifications to Alaska's insurance laws. The bill introduces several key changes across various aspects of insurance regulation, including licensing requirements, examination procedures, financial reporting, and consumer protections. Specifically, the bill adds new licensing requirements for pharmacy benefits managers, expands the director of insurance's examination authority to include third-party administrators and pharmacy benefits managers, modifies time limitations for prosecuting life insurance offenses, introduces new provisions for health care insurance policies such as non-network coverage options and prior authorization request procedures, and adds protections for policyholders such as preventing insurance cancellation based on an elected official's status. The bill also updates definitions, adjusts tax rates for certain types of insurance, and creates new requirements for motor vehicle service contracts and health maintenance organizations. Most provisions will take effect on January 1, 2026, with some sections taking immediate effect, and the bill aims to enhance regulatory oversight, improve consumer protections, and modernize insurance practices in the state of Alaska.

Budget and Finance, Business and Industry

Labor & Commerce (S)

https://www.akleg.gov/basis/Bill/Detail/34?Root=SB132