CT HB05388

Allows insurance companies, attorneys, and producers to offer value-added products or services at no cost or reduced cost if they relate to insurance coverage and are designed for loss mitigation, risk reduction, health enhancement, financial wellness, or claim cost reduction, subject to commissioner approval that costs are reasonable and offerings are non-discriminatory.

Permits pilot or testing programs for value-added products or services lasting up to one year without full evidence of meeting criteria, provided advance notice is given to the commissioner and the commissioner does not object within 21 days.

Authorizes noncash gifts, items, or services in connection with insurance marketing and sales, with costs limited to amounts deemed reasonable by the commissioner, provided they are not required for policy purchase or renewal and are offered non-discriminatorily.

Prohibits insurance companies, producers, attorneys, and societies from offering insurance as inducement to purchase another policy or using the words "free" or "no cost" in any advertisement.

Effective October 1, 2022, applies identical provisions to both traditional insurance companies under Section 38a-825 and fraternal benefit societies under Section 38a-623, with authority for the commissioner to adopt implementing regulations.