Substitute House Bill No. 5206 Summary

• Insurance Commissioner may require electronic filings and submissions from insurers and other regulated entities, with exceptions available for impracticality, undue hardship, or good cause.

• Foreign insurers can become domestic insurers upon Commissioner approval, subject to all requirements for organization and licensing as domestic insurers of the same type.

• Contingent deferred annuities added as a new category of contracts exempt from certain nonforfeiture requirements, with Commissioner authority to prescribe nonforfeiture benefits through regulation.

• Electronic delivery of notices now permitted for policy cancellation and nonrenewal, professional liability insurance rate increase notices, and public adjuster contract cancellations if agreed between insurer and insured.

• Third-party designees for receiving policy cancellation and nonrenewal notices may receive notices by electronic means if agreed, and annual reporting fees for domestic and foreign benefit societies updated to reference fee schedule in section 38a-11.