Banking & Insurance 2021-2022
The Senate Banking & Insurance Committee met on Wednesday, March 30, 2022 and considered the following:
SB 1167 (DiSanto/Street) – Authorizes financial institutions and insurers to provide services to legitimate cannabis-related businesses, prohibits adverse regulatory or legal actions, and permits ordinary business deductions on state taxes.
- Amendment A03794 (DiSanto) – Technical amendment to include federally compliant cannabis related businesses and clarify requirements for financial institutions and insurers.
The amendment was adopted unanimously and the bill was reported as amended by unanimous vote.
The Senate Banking & Insurance Committee met on Wednesday, October 27, 2021 and voted on the following:
HB 1588 (Rep. Mercuri) – Remote mortgage banking – Makes permanent a waiver issued under the Governor’s emergency orders allowing remote mortgage banking.
A02226 Sen. DiSanto – Provides for a licensing fee increase if the total number of branch licenses decreases by at least 20%.
A02226 passed unanimously and HB1588 passed unanimously as amended.
SB 676 (Sen. Pittman) – Auto Stacking – Prohibits the stacking of uninsured and underinsured benefits and requires insurers to make higher coverage limits available for consumer determination.
A02628 Sen. Laughlin – Increases the minimum financial responsibility requirements for bodily injury and property damage, streamlines stacking prohibition language, and ensures no impact on tort elections.
A02628 passed unanimously and SB676 passed 10-4 as amended.
SR 195 (Sen. Phillips-Hill) – IRS Reporting – Urges the United States Congress to oppose President Biden’s proposal to allow the IRS to access bank accounts of citizens with account values of $600 or more.
SR195 passed along a party line vote, 9-5.
The Senate Banking & Insurance Committee met on Wednesday, June 23, 2021 to consider the following nominees to the Banking and Securities Commission as well as the following bills:
Consideration of nominees to the Banking and Securities Commission
- James Biery, Cumberland County
- Mary Zenner, Erie County
Both nominees were reported out of committee with a favorable recommendation by unanimous vote.
SB 225 (Phillips-Hill) – Further provides for uniform definitions, prior authorization standards, step therapy protocols, and an adverse determination appeal process.
A01850 Phillips-Hill: Deletes certain definitions to conform with Act 68 more closely, establishes a framework for electronic claim submissions, modifies timelines for review of step therapy and prior authorization determinations, removes Department data collection and reporting requirements.
Amendment A01850 was adopted unanimously, and SB225 was reported as amended by unanimous vote.
SB 705 (Vogel) – Establishes the Telemedicine Act to provide for regulation, insurance coverage, and payment to health care providers for telemedicine services.
A01867 Vogel: Definition changes, increased patient disclosures, and clarification that insurer reimbursement shall not be required if a telemedicine service is inconsistent with standards of care.
Amendment A01867 was adopted unanimously, and SB705 was reported as amended by unanimous vote.
SB 772 (DiSanto, Street) – Reduces the minimum nonforfeiture rate for individual deferred annuities and adopts a consumer best interest standard for annuity recommendations.
SB772 was reported as committed by unanimous vote.
HB 1349 (Pickett) – Enables the Insurance Department to electronically process criminal history records for insurance producer applicants.
HB1349 was reported as committed by unanimous vote
The Senate Banking & Insurance Committee met today, Tuesday, June 15, 2021, and voted on the following:
SB731 (Sen. Mensch) – An Act amending the act of October 16, 1996 (P.L.712, No.127), known as the Charitable Gift Annuity Exemption Act, further providing for definitions.
HB331 (Rep. Brown) – An Act authorizing certain financial institutions to conduct savings promotion programs.
HB336 (Rep. Mackenzie) – An Act amending the act of April 9, 1929 (P.L.177, No.175), known as The Administrative Code of 1929, in administrative organization, further providing for executive officers, administrative departments and independent administrative boards and commissions, for departmental administrative boards, commissions and offices, for department heads and for gubernatorial appointments; in organization of departmental administrative boards and commissions and of advisory boards and commissions, further providing for board to license private bankers; in Commonwealth agency fees, further providing for Department of Banking and for Pennsylvania Securities Commission; in powers and duties of the Department of Banking and its departmental administrative board and commission, further providing for powers and duties in general, for banking supervisory powers and for banking laws; repealing provisions relating to powers and duties of the Pennsylvania Securities Commission; and making editorial changes.
HB859 (Rep. Delozier) – An Act amending the act of May 15, 1933 (P.L.565, No.111), known as the Department of Banking and Securities Code, in banking and securities, further providing for fund.
All bills passed the committee unanimously.
The Senate Banking & Insurance Committee met on Monday, April 19th, 2021, and voted on the following:
SB425 (Gordner) – Amending the act of March 20, 2002 (P.L.154, No.13), known as the Medical Care Availability and Reduction of Error (Mcare) Act, in medical professional liability, further providing for informed consent.
- Amendment A00701
Amendment A00701 was passed unanimously and SB425 was unanimously reported as amended.
SB432 (Laughlin) – Amending the act of May 15, 1933 (P.L.565, No.111), known as the Department of Banking and Securities Code, in banking and securities, further providing for fund.
- Amendment A00504
Amendment A00504 was passed unanimously and SB432 was unanimously reported as amended.
Senator Sharif Street