Connecticut Senate Bill SB00400

Connecticut 2024 Regular Session

• Introduced: 3/7/24
• Refer: 3/7/24

Caption

An Act Concerning The Insurance Department's Technical Corrections And Other Revisions To The Insurance Statutes.

Impact

The bill proposes to eliminate certain administrative requirements, notably removing the need for paper filings and instead allowing specific reports to be submitted electronically to the National Association of Insurance Commissioners. This shift is intended to modernize the regulatory framework, reduce bureaucratic overhead, and make compliance easier for insurance companies. Additionally, the bill extends the approval period for independent review organizations, which could streamline their operational processes while ensuring regulatory compliance.

Summary

SB00400, titled 'An Act Concerning the Insurance Department's Technical Corrections and Other Revisions to the Insurance Statutes,' aims to revise and streamline existing insurance regulations by implementing technical corrections and procedural changes within the Insurance Department. One of the central features of the bill is the requirement for the Insurance Commissioner to manage the administration of the Insurance Fund on behalf of various agencies supported by the fund. This aims to improve efficiency in how funds are allocated and utilized for healthcare-related programs.

Contention

While the changes outlined in SB00400 are largely framed as technical in nature, there may be points of contention among stakeholders regarding how these revisions impact transparency and accountability within the insurance sector. Some legislators and advocacy groups may express concern that an increase in the Insurance Department’s administrative powers could lead to reductions in oversight, particularly with respect to the handling of consumer complaints and the evaluation of insurance practices. As such, balanced oversight while enabling efficient operations remains a key focus as the bill progresses.