CT HB05364

Changes uninsured and underinsured motorist coverage from mandatory to optional for automobile liability insurance policies effective January 1, 2015, requiring insurers to offer coverage for an additional premium.

Requires insurers to disclose the availability, premium cost, and description of uninsured and underinsured motorist coverage to insureds, with insureds who decline coverage required to sign an informed consent form containing specific disclosures and a conspicuous warning about reduced protection.

Establishes underinsured motorist conversion coverage as an optional alternative to standard underinsured motorist coverage, requiring insurers to offer it for an additional premium with disclosure and informed consent requirements.

Mandates that insurers provide underinsured motorist conversion coverage at no cost to insureds if the insurer fails to offer the coverage, disclose its availability, or obtain a signed informed consent form from insureds who decline it.

Requires insurers to refile base rates with the Insurance Commissioner to reflect premium savings from eliminating mandatory uninsured and underinsured motorist coverage, effective January 1, 2015.