What SB 364 does: Creates new penalties for insurance companies that intentionally provide false or misleading information to state regulators to get higher premiums approved. The Commissioner could order violators to pay up to 10 times the amount they owe in refunds to policyholders.
Consumer impact: SB 364 creates a significant financial deterrent against insurance companies manipulating the rate-setting process. Combined with HB 1262’s general penalty increases, SB 364 would give regulators stronger tools to protect consumers from inflated premiums.