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CT HB05195
Bill
Status
1/9/2015
Primary Sponsor
Insurance and Real Estate Committee
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AI Summary
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Makes uninsured and underinsured motorist coverage optional for automobile liability insurance policies issued or renewed on or after January 1, 2016, while maintaining mandatory coverage through December 31, 2015.
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Requires insurers to offer uninsured and underinsured motorist coverage for an additional premium and disclose availability, costs, and descriptions to applicants; insureds who decline coverage must sign an informed consent form.
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Establishes underinsured motorist conversion coverage as an alternative option available for an additional premium that protects against underinsured vehicles without reduction for tortfeasor payments.
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Repeals the prohibition on subrogation of underinsured motorist claims, allowing insurers to exercise subrogation rights while sharing recoveries proportionately with insureds.
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Requires insurers to refile base rates with the Insurance Commissioner to reflect premium savings from eliminating mandatory uninsured and underinsured motorist coverage, effective for policies issued on or after January 1, 2016.
Legislative Description
An Act Requiring Uninsured And Underinsured Motorist Coverage To Be Optional And Repealing The Prohibition On Subrogation Of Underinsured Motorist Claims.
Last Action
Referred by House to Committee on Judiciary
5/1/2015