Bill > HB06981

This bill addresses several aspects of insurance regulation in Connecticut, with key provisions focusing on electronic document posting, insurance policy cancellations, and protections for Federal Home Loan Banks. Specifically, the bill allows insurers to post insurance policies and endorsements on their websites instead of mailing physical copies, provided they obtain the insured's agreement and ensure the documents are easily accessible and printable. For property and casualty insurance policies, the bill permits insurers to use United States Postal Service intelligent mail barcode tracking for sending cancellation or nonrenewal notices. The legislation also extends new protections to Federal Home Loan Banks in cases of insurance company delinquency proceedings, allowing them more flexibility in managing collateral, repurchasing stock, and handling loans. Additionally, the bill enables domestic insurers, health care centers, and fraternal benefit societies to pledge assets when participating in the Federal Home Loan Bank System and exempts certain surplus lines insurance policies from diligent effort documentation requirements. These changes aim to modernize insurance communication methods, provide more operational flexibility for insurers and financial institutions, and streamline regulatory processes.

Business and Industry

Insurance and Real Estate Committee (J)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB06981&which_year=2025