Substitute Bill No. 1093 - Insurance Statutes Revisions

• Expands the Insurance Commissioner's authority to share confidential information with the Bank for International Settlements and Federal Insurance Office in addition to existing regulators, provided those entities maintain equivalent confidentiality standards.

• Increases the insurance premium finance company license fee from $50 to $300 and requires annual renewal at the same rate (effective October 1, 2013).

• Prohibits captive insurance companies from providing personal risk insurance coverage for private passenger motor vehicles or homeowners insurance, and clarifies branch captive insurance companies must maintain a principal place of business in Connecticut (effective October 1, 2013).

• Modifies health insurance claim determination timelines to require 45 days for paper-filed claims and 20 days for electronically-filed claims, and requires insurers to notify insured persons of contact information for the Office of the Healthcare Advocate when denying coverage (effective October 1, 2013).

• Updates examination report procedures to require entity boards of directors to receive copies of adoption examination reports within 90 days and adds Medicare Part C and Part D coverage to insurance guaranty fund exclusions (effective October 1, 2013).