CT HB05503

Grants the Insurance Commissioner authority to order restitution plus interest for insurance law violations, issue data calls during investigations, and retain enforcement authority even after a person's license has been surrendered, revoked, or lapsed

Changes license expiration for motor vehicle damage appraisers and casualty claims adjusters from a fixed June 30th date to two years after the licensee's birthday, and extends independent review organization approvals from two to three years

Eliminates the requirement for domestic insurance companies to file paper copies of financial reports with the commissioner when electronic filings are submitted to the National Association of Insurance Commissioners

Redefines "small employer" effective January 1, 2025, to mean employers with 1-50 employees (reduced from 1-100), and changes pharmacy benefits manager annual reporting deadline to February 1, 2025

Permits sponsored captive insurance companies to convert protected cells into various new entity types (including pure captive companies, risk retention groups, and association captive companies) with commissioner approval, while maintaining all existing assets, rights, and liabilities