Connecticut House Bill HB07024

Connecticut 2017 Regular Session

• Introduced: 2/8/17
• Refer: 2/8/17
• Report Pass: 3/7/17
• Refer: 3/16/17
• Report Pass: 3/22/17
• Engrossed: 4/19/17
• Report Pass: 4/21/17
• Chaptered: 6/20/17
• Enrolled: 6/26/17
• Passed: 7/10/17

Caption

An Act Regulating The Offer And Dissemination Of Travel Insurance.

Impact

The bill significantly reshapes how travel insurance is marketed in the state, creating a structured pathway for travel retailers and insurance producers. With the new regulation, it ensures that entities involved in the sale of travel insurance adhere to specific operational standards. The Act aims to mitigate potential malpractice and ensures that consumers are adequately informed about the policies being offered, thereby enhancing confidence in purchasing travel-related products.

Summary

House Bill 07024, known as 'An Act Regulating The Offer And Dissemination Of Travel Insurance,' introduces a regulatory framework aimed at overseeing the marketing and sale of travel insurance policies within the state. The bill defines travel insurance and establishes guidelines for limited lines travel insurance producers and travel retailers, allowing them to offer and disseminate insurance products related to travel. It emphasizes consumer protection by requiring transparency in the dissemination process and ensuring that consumers receive necessary information regarding travel insurance policies.

Sentiment

The sentiment surrounding HB 07024 appears to be largely positive, particularly among supporters who view the bill as a necessary step towards modernizing insurance practices and protecting consumers. By establishing clear guidelines and definitions, it aims to improve market clarity and reduce confusion for buyers of travel insurance. However, concerns may arise related to the administrative burden placed on travel retailers and the potential impact on the availability of travel insurance offerings in the market.

Contention

While the bill primarily seeks to regulate the travel insurance market more effectively, there are points of contention regarding the extent of regulation imposed. Critics might argue that overly extensive regulations can stifle the ability of travel retailers to provide competitive options and services to consumers. Some may worry about the possible implications for smaller travel businesses that may struggle to meet the new compliance requirements. Therefore, while the bill seeks to enhance consumer protection, the balance between regulation and market freedom remains a key issue to monitor.