Bill Summary: SB 395

• Authorizes domestic insurers to write surplus lines insurance policies in Connecticut if approved by the Insurance Commissioner, expanding beyond the current restriction to nonadmitted insurers.

• Creates a new category of "domestic surplus lines insurer" in insurance law definitions and applies specific regulatory provisions (Sections 38a-11, 38a-663 to 38a-691, 38a-741 to 38a-743, and others) to these entities.

• Requires surplus lines brokers to pay a 4% tax on gross premiums for surplus lines insurance written by domestic surplus lines insurers, consistent with nonadmitted insurer taxation, when the insured's home state is Connecticut.

• Replaces terminology of "unauthorized insurer" with "nonadmitted insurer" throughout the statutes to align with federal Dodd-Frank Act nomenclature.

• Strengthens Insurance Department financial oversight by requiring examination reports to be presented to a company's board of directors within 120 days and allowing the commissioner to waive late filing fees under specified emergency circumstances; effective July 1, 2014.