House Substitute for SB 78 by Committee on Insurance and Pensions - Updating the national insurance commissioners credit for insurance reinsurance model law, codifying the national insurance commissioners credit for reinsurance model regulation and updating certain terms and definitions relating to the insurance holding company act, service contracts and surplus lines insurance. Eliminating certain requirements relating to the annual submittal of certain documents by out-of-state risk retention groups, extending the time frame to submit certain documents by professional employer organizations, abolishing the utilization review advisory committee and replacing it with URAC.