OK, that is effectively required so that avast can handle it, but you need to check that there is a corresponding entry in the avastUI, Mail Shield, Expert Settings, SSL Accounts for the Hotmail account, is there an entry for the Hotmail account ?
If not you will need to create an entry for both a POP3 and SMTP (with the Encryption option set to SSL) and Ports entry for Hotmail, that should avast to handle it and hopefully to allow Hotmail to accept the SSL connection.
I'm sorry I can't be any more practical help as I no longer use OE (so I can't refer to any settings, etc. and I don't use Hotmail, so I don't know the Ports that it is using for POP3 and SMTP SSL transmission.