HB 5006 Summary

• Makes technical corrections and minor revisions to Connecticut insurance statutes, including grammar improvements, clarifications of existing law, and updates to regulatory references throughout the general statutes.

• Revises dispute resolution procedures for insurance complaints by changing language from "will" to "shall" regarding arbitrator selection and modifying notice and performance timeline requirements.

• Updates definitions and requirements for captive insurers, life settlement contracts, health insurance policies, and insurance guaranty associations to clarify existing provisions and modernize regulatory language.

• Corrects cross-references and subsection numbering throughout multiple insurance code sections related to life insurance separate accounts, managed care organizations, small employer health plans, and reinsurance intermediaries.

• Removes an obsolete reference to section 38a-660a in criminal penalties statute and makes conforming changes to motor vehicle dealer regulations and residential property disclosure requirements.