AN ACT CONCERNING THE INSURANCE DEPARTMENT'S RECOMMENDATIONS FOR REVISIONS TO THE INSURANCE STATUTES.

2026 Regular Session

Requires Connecticut's Insurance Department to review and recommend revisions to state insurance statutes to modernize regulations and improve market efficiency and consumer protections.

SIGNED BY GOVERNOR

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Legislative bill overview

HB 5373 directs Connecticut's Insurance Department to conduct a comprehensive review of state insurance statutes and submit recommendations for statutory revisions. The bill appears to be an enabling measure that establishes a process for modernizing insurance regulations rather than implementing specific policy changes itself.

Why is this important

Insurance statutes often accumulate outdated provisions over decades, creating inefficiencies for insurers, consumers, and regulators. A systematic review can identify gaps in consumer protections, reduce compliance burdens, and ensure regulations reflect current market practices and emerging risks like cyber insurance and climate-related coverage.

Potential points of contention

Scope of review ambiguity: The bill doesn't specify which insurance areas (property, life, health, specialty lines) should be prioritized, potentially leading to incomplete recommendations or political disputes over focus areas

Implementation without legislative action: The bill creates a recommendation process but doesn't guarantee the Legislature will act on findings, risking wasted resources if recommendations stall

Industry influence concerns: Insurance Department reviews often involve stakeholder input, raising questions about whether consumer advocates receive equal voice compared to insurance industry lobbyists