House Bill No. 5371 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 relevant joint standing committee of the General Assembly by January 1, 2027. This new requirement is established under the newly inserted legal language in Section 1, which is effective 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 11 in favor and 2 against.