Raised Bill No. 5373 proposes comprehensive revisions to Connecticut's insurance statutes, focusing on modernizing communication methods, enhancing regulatory efficiency, and improving consumer protections. Key amendments include allowing service of process via electronic mail and establishing a 45-day waiting period before default judgments can be granted. The bill also modifies the notification process for license suspensions and appeals, changing the venue for such appeals to the judicial district of New Britain. Additionally, it introduces new requirements for insurers regarding the assessment and payment of fees, including deadlines for objections and payments, and updates the timeline for tax statement submissions.

The bill further addresses issues related to health carriers, including regulations on pharmacy benefits and the external review process for adverse determinations. It mandates that health carriers provide clear notices regarding premium increases and outlines the rights of covered persons in the review process. Additionally, the bill enhances oversight of third-party administrators and clarifies the responsibilities of insurers in the event of insolvency. It introduces new definitions and provisions related to assumption reinsurance agreements, ensuring consumer protections are in place during the transfer of insurance obligations. Overall, Raised Bill No. 5373 aims to streamline the insurance regulatory framework while safeguarding the interests of consumers and enhancing the accountability of insurance entities.

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