Connecticut Senate Bill SB00189

Connecticut 2014 Regular Session

• Introduced: 2/19/14
• Refer: 2/19/14

Caption

An Act Concerning The Insurance Department's Market Conduct Examination Authority.

Impact

The bill amends existing statutes to clarify and expand the authority of the commissioner in conducting market conduct examinations. Among its significant provisions, SB00189 stipulates the confidentiality of examination documents and results, aiming to protect the integrity of sensitive information. This change is intended to streamline the examination process while ensuring that only pertinent parties, such as regulatory officials and law enforcement, can access such information under strict confidentiality agreements.

Summary

SB00189, titled 'An Act Concerning The Insurance Department's Market Conduct Examination Authority,' seeks to enhance the regulatory capabilities of the Insurance Department concerning market conduct examinations of insurance companies and related entities. The bill allows the commissioner to conduct regular examinations and appoint qualified personnel to assist in these processes, ensuring adherence to established protocols as per the National Association of Insurance Commissioners' guidelines. This aim is to maintain fair practices within the insurance industry and safeguard consumer interests.

Contention

Debate surrounding SB00189 has highlighted concerns about transparency and public oversight. While supporters argue that the bill strengthens the Insurance Department's ability to regulate, critics express apprehensions that its confidential nature may shield misconduct from public scrutiny. They worry that the legal immunities granted to examiners might lead to unaccountability, as individuals conducting examinations could act without fear of liability. This tension reflects broader concerns about the balance between effective regulatory oversight and the need for transparency in government operations.