CT SB00900

Insurance producers must be either employees of an insurer or a contractually appointed business entity to act as agents, or otherwise contractually appointed as agents of the insurer.

Eliminates the requirement for insurers to file a notice of appointment within 15 days and removes the commissioner's 30-day verification period for producer eligibility.

Each insurer and group of affiliated insurers within a holding company system must pay an annual agent appointment fee equal to the amount in section 38a-11 multiplied by the number of insurance producers appointed or employed as agents for the preceding calendar year.

Insurers or groups of affiliated insurers must submit a list of all business entities appointed as agents at the time they pay the annual appointment fee, in a manner prescribed by the commissioner.

Redefines "agent" or "insurance agent" to include both insurance producers and business entities appointed by an insurer to act on the insurer's behalf.

Effective January 1, 2020.