An Act relating to modernizing business to business commercial insurance transactions

This bill exempts certain specialty commercial insurance products from state rate and policy filing requirements, streamlining transactions for businesses. It directly affects insurers selling defined specialty lines (like cyber coverage, directors' liability, or environmental liability) and large commercial policyholders meeting specific financial thresholds (e.g., $25,000+ annual premiums, $10M net worth, or 25+ employees). Key provisions remove regulatory hurdles for these policies while requiring insurers to maintain underwriting records for state oversight. The commissioner may temporarily reinstate filings if competition is lacking for a specific coverage type, but a competitive market is presumed by default. This modernizes insurance transactions without altering core consumer protections.