CT HB05366

Allows nonadmitted insurers to issue commercial property fire insurance policies with replacement costs using materials other than like kind and quality, or with different depreciation definitions than the standard policy.

Prohibits surplus lines brokers from procuring homeowners insurance for one-to-four-unit owner-occupied residential properties from nonadmitted insurers if the policy deviates from standard replacement cost or depreciation requirements under section 38a-307.

Replaces terminology of "unauthorized insurer" with "nonadmitted insurer" throughout Connecticut insurance statutes for consistency with federal regulatory language.

Requires surplus lines brokers to maintain detailed records of policies procured from nonadmitted insurers and file signed statements with the commissioner on February 15, May 15, August 15, and November 15 each year, except for exempt commercial purchasers who request such coverage in writing.

All provisions become effective October 1, 2014.