Connecticut Senate Bill SB00906

Connecticut 2019 Regular Session

• Introduced: 2/21/19
• Refer: 2/21/19
• Report Pass: 3/14/19
• Refer: 3/27/19
• Report Pass: 4/2/19
• Engrossed: 6/5/19
• Report Pass: 6/5/19
• Chaptered: 6/24/19
• Enrolled: 6/27/19
• Passed: 7/1/19

Caption

An Act Concerning The Insurance Department's Recommended Changes To The Insurance Statutes, Insurance Plans Procured By The Comptroller And Retirement Plans.

Impact

The enactment of SB 906 is expected to modify the statutory landscape governing insurance operations and retirement plans. It signifies an effort to enhance regulatory clarity and offer better oversight of insurance plans that are managed by the Comptroller. This bill is viewed as a positive step toward ensuring that state insurance regulations remain relevant and responsive to the current market environment. Adjustments to retirement plans through this bill may also have long-term implications for state employees and beneficiaries relying on these programs.

Summary

Senate Bill 906 addresses recommended changes to the insurance statutes, specifically focusing on insurance plans procured by the Comptroller and various retirement plans. The bill aims to streamline and modernize the existing insurance framework within the state, responding to evolving regulatory needs and challenges in the insurance market. By implementing these recommendations, lawmakers intend to foster an environment where insurance products can be provided more efficiently and effectively to the citizens of the state.

Sentiment

The overall sentiment around SB 906 appears favorable, especially among stakeholders such as insurance providers and regulatory agencies who are likely to benefit from a clearer operational framework. Supporters argue that the changes proposed will make insurance more accessible and manageable for individuals and businesses alike. However, there may also be concerns regarding the implementation of these changes and their potential effects on existing policies and practices within the insurance sector.

Contention

While there is general support for the objectives laid out in SB 906, some debate may arise regarding the specifics of the changes to insurance statutes. Notably, stakeholders might contest how these modifications impact consumer protection measures and the wider implications for vulnerable groups relying on insurance. Additionally, discussions could focus on how the role of the Comptroller in insurance procurement may evolve with the proposed changes, ensuring that the interests of the public are adequately safeguarded while achieving greater efficiency.