CT HB05409

Repeals and replaces Section 38a-1 of the Connecticut General Statutes effective October 1, 2022, establishing definitions for insurance-related terms including affiliate, insurer, policy, and unauthorized insurer.

Requires financial planners doing business in Connecticut to disclose to consumers upon request whether they have a fiduciary duty for each insurance recommendation they make.

Designates violations of the financial planner disclosure requirement as unfair methods of competition and unfair/deceptive acts or practices under Connecticut's Unfair Insurance Practices Act (Section 38a-816).

Defines "fiduciary duty" and "financial planner" by reference to Section 36a-860 of the Connecticut General Statutes.

All provisions effective October 1, 2022.