The Connecticut insurance industry is entering a period of change, according to the state’s Department of Insurance, and state officials are looking to make the transition into new laws and regulations as smooth as possible. Regulators from the department have begun reaching out to other regulatory agencies and consumers in order to assist with issues arising from changes made to the industry. The changes come from both state and federal laws that seek to make insurance more accessible to a greater number of people whilst increasing consumer benefits.
Speaking at a special meeting for the Chamber of Commerce of Eastern Connecticut, Deputy Insurance Commissioner Anne Dowling asserted the great importance of balancing the state’s insurance initiatives. Dowling noted that a robust and competitive marketplace is necessary for the industry to remain stable, but consumers must remain the priority when considering how to help insurers compete in the state. Dowling also detailed the need for more transparency in the industry for the sake of consumers, most of who are kept in the dark about rate increases beyond that knowledge that they will be paying more money for health care.
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Greater cooperation between regulatory authorities and insurance companies was highlighted as a key issue during the meeting. Improved cooperation would enable regulators and insurers to mitigate the impacts of natural disasters and other catastrophes that occur in the state. It will also allow them to formulate more effective plans concerning insurance legislations and benefits for consumers.