Raised Bill No. 343 Summary

• Requires financial planners doing business in Connecticut to disclose to consumers upon request whether they have a fiduciary duty for each insurance recommendation made to that consumer, effective October 1, 2020.

• Classifies failure to make the required fiduciary duty disclosure as an unfair method of competition and unfair/deceptive act or practice under Connecticut's Unfair Insurance Practices Act.

• Adds new subdivision (24) to section 38a-816 to establish that violations of the fiduciary duty disclosure requirement are enforceable under existing Connecticut insurance law penalties and procedures.

• Repeals and replaces section 38a-1 of the general statutes with updated definitions of insurance terms including "affiliate," "insurer," "insurance," and related concepts that apply to the fiduciary duty disclosure requirement.