On Apr. 16, 2025, IDNA LEG reported governor approved SEA 3, effective Jul. 1, 2025.
On Apr. 9, IDNA LEG passed bill on fiduciary duty components.
IDNA LEG passed SEA 3 on fiduciary duty obligations in health plan administration.
Adds IDNA INS 27-1-25.5, states third party plan administrators, pharmacy benefit managers acting on behalf of the plan sponsor owe fiduciary duty to the plan sponsor.
Clarifies obligations included under fiduciary duty, defines various insurance terms.
Legislative History
On Jan. 14, 2025, bill introduced in Senate; on Feb. 17, 2025, bill passed in Senate.
On Mar. 3, 2025, bill introduced in House; on Mar. 31, 2025, bill passed in House.
On Apr. 1, 2025, motion to concur; on Apr. 9, 2025, signed by President of Senate.
Effectiveness
Upon approval by the governor, the bill will become effective on Jul. 1, 2025.
April 2025 IDNA LEG Governor Approval
On Apr. 16, 2025, IDNA LEG reported governor approved SEA 3, effective Jul. 1, 2025.
Regulators
IDNA LEG
Entity Types
Fiduciary; Ins
Reference
Act, 4/16/2025; Bill SEA3, 4/3/2025; Citation: IDNA INS 27-1;
