CT SB00907

Portable electronics insurance licenses issued by the Insurance Commissioner are now valid until January 31st of each even-numbered year, unless sooner suspended or revoked.

Producer license suspension for dishonored checks expands to include any dishonored "check, draft or other remittance" to the Insurance Department, with automatic suspension if payment is not arranged within 15 days.

New Own Risk and Solvency Assessment (ORSA) requirements for domestic insurers establish risk management frameworks and require annual confidential internal assessments of material risks and capital sufficiency, with exemptions for insurers with less than $500 million in annual direct written premiums.

ORSA Summary Reports and related documents are protected as confidential and privileged, but may be shared with state, federal, and international regulatory officials and NAIC without prior written insurer consent under specified conditions.

Third-party administrator license renewal fee increases from $300 to $450, and the annual reporting requirement is replaced with a renewal filing requirement; portable electronics insurance license fees are established at $100 filing fee, $500 issuance fee, and $450 renewal fee.