Raised Bill No. 398 is a comprehensive legislative proposal aimed at updating the regulation and taxation of travel insurance and related entities in the state, with an effective date of October 1, 2024. The bill introduces new definitions for terms such as "Aggregator web site," "Travel insurance," "Travel protection plan," "Travel retailer," and "Travel administrator," among others, and redefines existing terms to clarify the regulatory framework. It repeals and replaces the previous definition of "Travel insurance" and inserts new provisions for the purposes of the act. The bill also expands the definition of "limited lines travel insurance producer" to include managing general agents, third-party administrators, and licensed insurance producers designated by an insurer.

The bill sets forth the responsibilities of limited lines travel insurance producers, including the requirement to designate an individual responsible for compliance, provide training to employees and representatives, and ensure that travel insurance purchasers receive detailed information about their policies. Travel retailers can offer and disseminate travel insurance without a license under certain conditions, and they must provide consumers with specific information about the insurance and the identities of the insurer and the producer. The bill also outlines the conditions for offering travel protection plans at a single price, the allocation of premiums for tax purposes, and the causes for disciplinary action by the commissioner against travel insurance producers. Additionally, the bill specifies fees for various insurance-related licenses and authorizations, and amends sections of the general statutes to exclude certain individuals from provisions if they meet specific criteria. It also defines unfair methods of competition and deceptive acts in the insurance business and addresses discriminatory practices and the timely payment of health claims.

Statutes affected:
Raised Bill: