The bill, Substitute House Bill No. 6897, extends the sunset date for the personal risk insurance "flex rating" law by five years, moving the expiration date from July 1, 2025, to July 1, 2030. This law allows property and casualty insurers to file new rates for personal risk insurance—such as home, auto, marine, or umbrella insurance—with the Insurance Commissioner and implement them immediately without prior approval, provided certain conditions are met. Specifically, the rates must not result in an overall statewide increase or decrease of more than 6% and cannot exceed a 15% increase in any individual territory.

The bill repeals the existing subsection (a) of section 38a-688a and substitutes it with the new language that reflects this extension. The changes do not impose any fiscal impact on the state or municipalities, as they simply continue the current practice of the flex rating law. The Insurance Department will not experience any changes in operations due to this extension. The effective date for this amendment is set for June 30, 2025.