Senate Substitute for HB 2480 by Committee on Financial Institutions and Insurance – Establishing a process for a reciprocal to convert to a mutual insurance company, providing for flexibility when certain penalties are assessed from excess lines, updating the version of risk-based capital instructions in effect, updating the definition of long-term care in the long-term care act, updating the securities commissioner appointment and removal process and updating suspension, denial and revocation of licensure and certain other licensure requirements of insurance agents and public adjusters.