HB 5253 Summary

• Requires a final order of liquidation with a finding of insolvency by a court of competent jurisdiction to trigger coverage under Connecticut Insurance Guaranty Association (CIGA), replacing the previous "determination of insolvency" standard.

• Extends the time period for covered claims from thirty days to sixty days after entry of the final liquidation order, or before policy expiration or replacement if sooner.

• Increases maximum coverage limits for covered claims under CIGA to $500,000 for claims arising from insurers with final liquidation orders entered on or after October 1, 2014 (previously $400,000 for insurers insolvent after October 1, 2007).

• Excludes Medicare Part C and Part D policies and contracts from coverage under the Connecticut Life and Health Insurance Guaranty Association (CLHIGA).

• All changes effective October 1, 2014.