SB 1050 Summary

• Repeals and replaces Section 38a-1 of general statutes to establish definitions for insurance-related terms including affiliate, alien insurer, annuities, domestic insurer, foreign insurer, life insurance, insurer, and unauthorized insurer, effective January 1, 2022.

• Requires each insurer delivering individual or group life insurance policies in Connecticut on or after January 1, 2022, to provide written notice at least annually to beneficiaries, owners, insured persons, and insurance producers disclosing the policy status.

• Requires insurers to send notice of policy cancellation to each owner of an individual or group life insurance policy, in addition to any notices required under existing statutes.

• Authorizes the Insurance Commissioner to adopt regulations under Chapter 54 of the general statutes to implement the annual notice and cancellation notice provisions.