CT HB05373

Allows the Insurance Commissioner to serve legal process and license suspension/revocation notices via electronic mail in addition to registered or certified mail, with receipt deemed 7 days after sending

Requires insurers to provide detailed premium billing notices for personal risk insurance policies, including a reasonable explanation of premium increases upon request, and starting January 1, 2029, must show the dollar impact of each primary factor for increases of 10% or more

Modifies drug formulary rules to allow health carriers to remove prescription drugs from formularies at plan renewal (not mid-year) with 90 days advance notice, effective January 1, 2027

Expands Connecticut Insurance Guaranty Association coverage to include cybersecurity insurance (capped at $500,000 per insured event), increases unearned premium claims cap from $2,000 to $50,000, and adds $1 million limit for first-party real property claims from a single occurrence

Establishes new requirements for assumption reinsurance agreements, requiring prior commissioner approval, policyholder notification, and a 24-month consent period before transferring insurance obligations between insurers