AN ACT ESTABLISHING A CIVIL PENALTY FOR DELAYED PROCESSING OF HEALTH INSURANCE CLAIMS.

HB 5759 requires health insurance companies to process claims within five business days of receipt or reimburse providers within five business days of approval. If they fail to meet these deadlines, they face a $10,000 civil penalty per violation. The penalty funds are deposited into the Insurance Fund and allocated to the Office of the Healthcare Advocate. This bill directly affects health insurance companies and aims to improve claim processing speed for healthcare providers.