SB 906 Summary

• Establishes the Interstate Insurance Product Regulation Compact to create uniform standards for annuity, life insurance, disability income, and long-term care insurance products across compacting states, with Connecticut opting out of long-term care insurance standards.

• Expands the Insurance Commissioner's powers to engage third-party actuaries and specialists to review insurance filings at the filer's expense, and establishes an electronic filing system for policy forms and rates.

• Modifies insurance policy cancellation and notice requirements for automobile, homeowners, and commercial risk insurance, allowing electronic delivery of notices with delivery receipts and adding email address options for third-party designee notifications.

• Updates health care center net worth requirements and financial regulations, including minimum capital standards, risk-based capital calculations, and out-of-network benefit provisions.

• Revises retirement plan disclosure requirements for 403(b) plans offered by political subdivisions, requiring fee and investment return information be disclosed to participants and the State Comptroller annually starting January 1, 2021.