HB 5382 Summary

• Repeals and replaces Connecticut's Insurance Holding Company Act provisions effective July 1, 2022, to modernize supervision of insurance companies affiliated with holding company systems.

• Requires annual group capital calculations filed by ultimate controlling persons of insurers, aligned with National Association of Insurance Commissioners (NAIC) standards, with exemptions for certain single-insurer systems and those subject to Federal Reserve requirements.

• Establishes liquidity stress testing requirements for scoped insurers based on NAIC framework, with scope criteria reviewed annually and effective January 1 of the following year.

• Authorizes the Insurance Commissioner to determine or acknowledge group-wide supervisors for internationally active insurance groups and establish supervisory colleges for cross-jurisdictional coordination and information sharing.

• Maintains strict confidentiality protections for all reported information, restricting disclosure to authorized regulators and preventing use in civil actions, while allowing sharing with NAIC, third-party consultants, and international supervisory bodies under written agreements.