House Bill No. 7079 mandates the Insurance Commissioner to conduct a study on insurance regulation within the state. The bill requires the commissioner to submit a report detailing the findings of this study to the joint standing committee of the General Assembly that oversees insurance matters by February 1, 2026. This new requirement is established under the newly inserted legal language in Section 1, which is effective upon passage.

The bill does not impose any fiscal impact on the state or municipalities, as the Insurance Department possesses the necessary expertise to carry out the study without additional costs. The language of the bill includes the insertion of a new section for the study and the report submission timeline, while there are no deletions from existing law noted in the text. The bill received a favorable report from the Insurance and Real Estate Committee, with a vote of 9 in favor and 4 against.