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CT HB06364

Bill

Official Source

Status

Passed

6/30/2011

Primary Sponsor

Joseph Crisco

Click for details

Origin

House of Representatives

2011 General Assembly

AI Summary

  • Extends the sunset date for personal risk insurance rate filings from July 1, 2011 to July 1, 2013, allowing insurers to file rates with no more than 6% aggregate statewide increase or decrease
  • Permits insurers to file no more than one rate per 12-month period unless combined filings do not exceed 6% overall change
  • Allows title insurers to obtain reinsurance from unlicensed title insurers meeting capital and surplus requirements equivalent to licensed companies
  • Permits domestic title insurers to obtain reinsurance from property and casualty reinsurers accredited under section 38a-85 upon commissioner approval, if the insurer demonstrates inability to procure reinsurance from another title insurer despite diligent effort
  • Requires domestic title insurers seeking reinsurance from non-title insurers to submit an affidavit and copy of proposed reinsurance treaty with their application to the commissioner

Legislative Description

An Act Concerning The Sunset Date For Personal Risk Insurance Rate Filings And The Procurement Of Reinsurance By Domestic Title Insurers.

Last Action

Signed by the Governor

7/13/2011

Committee Referrals

Insurance and Real Estate2/16/2011

Full Bill Text

No bill text available