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State of Connecticut - Insurance Department

FOR IMMEDIATE RELEASE
December 4, 2019
CONTACT: Jim Carson, 860-297-3958
Jim.Carson@ct.gov
 
Commissioner Mais Launches Insurance Technology Council

“The mission of the Advisory Council on Technology is to provide relevant and actionable suggestions to the Commissioner in areas related to InsurTech and technology and the impact to Connecticut consumers and the industry.”
 

Connecticut Insurance Department (CID) Commissioner Andrew N. Mais chaired the initial meeting of the Department’s recently formed Advisory Council on Technology.

The Advisory Council on Technology was created to share information important to consumers and other stakeholders, including; the industry, regulators, technology companies, and InsurTechs which will shape the future of how insurance will be managed and marketed to consumers.

“Technology advances, as evidenced in the growing InsurTech world, are changing the insurance landscape in many ways,” said Insurance Commissioner Andrew N. Mais. “As regulators, it is important that the Connecticut Insurance Department closely collaborates with all stakeholders and InsurTech startups to both support the growth of innovation and to protect consumers which is the center of all regulatory activity.”

“This council will play a central role in offering actionable steps that impact how companies can evolve with new technology, interact with consumers and serve their customers,” Mais said.

An additional advisory council on insurance regulation will have their first meeting on December 12th.

These councils align with Governor Lamont’s efforts to support businesses and consumers. The Insurance Department is working to be both a facilitator with industry and innovative startups that support Governor Lamont’s efforts to streamline and reengineer how state government serves Connecticut’s taxpayers.

 
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About the Connecticut Insurance Department: The mission of the Department is to protect consumers through regulation of the industry, outreach, education and advocacy. In FY 2018, the Department recovered more than $4.5 million on behalf of consumers and regulates the industry by ensuring carriers adhere to state insurance laws and regulations and are financially solvent to pay claims. The Department’s annual budget is funded through assessments from the insurance industry. For every dollar of direct expense, the Department brings in about $8.35 to the state in revenues. In FY 2018, the Department returned more than $145 million in assessments, fees, fines and penalties, and taxes to the state’s General Fund.
 
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