INSURANCE INDUSTRY INNOVATION

Creates the Insurance Industry Innovation Act. Directs the Department of Insurance to establish the Innovation Division within the Department. Provides a mechanism through which covered entities may submit a petition to the Department to request to enter into an enforceable compliance agreement containing a modification or waiver of Department rule with respect to a covered entity or an insurance innovation the covered entity offers or intends to offer. Provides the specific factors and procedures the Department shall use in determining whether or not to approve a petition. Provides requirements concerning an enforceable compliance agreement. Provides that the Department shall submit an annual report to the General Assembly regarding the aggregate impact of enforceable compliance agreements. Provides that the Department shall establish the cost of each petition. Provides that the Director may adopt rules to implement the Act. Repeals the Act on January 1, 2024. Effective immediately.