Senate Bill No. 267 mandates the Insurance Commissioner to conduct a study on potential revisions to the insurance statutes. The bill requires the commissioner to submit a report detailing the findings and recommendations of this study to the relevant joint standing committee of the General Assembly by January 1, 2027. This new requirement is inserted as Section 1 of the bill, which will take effect upon passage.

The bill does not include any deletions from current law and is expected to have no fiscal impact on the state or municipalities, as the Insurance Department possesses the necessary expertise to fulfill the study's requirements. The bill received a favorable report from the Insurance and Real Estate Committee, with a vote of 12 in favor and 1 against.