CT HB05433

Reduces insurance guaranty fund assessment tax offset from 100 percent to 50 percent of assessments paid by insurers against their premium tax liability under chapter 207.

Maintains the five-year phase-in period for the offset at 20 percent per year, applied to the reduced 50 percent amount rather than the full assessment.

Applies changes to both the Insurance Guaranty Fund (section 38a-841) and the Second Injury Fund (section 38a-866), effective July 1, 2010 for assessments paid in income years starting January 1, 2010 and later.

Requires insurers receiving refunds from the association to repay to the Department of Revenue Services an amount equal to offsets previously claimed on tax returns attributable to the refunded assessment.

Adds new provision allowing insurers to recoup assessment amounts through rates and premiums charged for insurance policies without such rates being deemed excessive.