CT HB06865

Amends Connecticut insurance law to prohibit coinsurance clauses in commercial real property policies issued or renewed by nonadmitted insurers on or after October 1, 2015, if the policy defines "depreciation" differently than the standard form; any existing coinsurance clause in such policies is void and unenforceable.

Extends the requirement that fire insurance policies comply with Connecticut's standard form to policies that are "renewed" in addition to those newly issued or delivered.

Allows nonadmitted insurers writing commercial property fire insurance to define "depreciation" differently than the standard policy form, as an exception to the standard policy requirements.

Maintains existing exemptions for automobile physical damage insurance, aircraft physical damage insurance, and inland marine insurance from the standard policy requirements.

Clarifies that fire, liability, and allied lines policies issued through underwriting facilities established by the Insurance Commissioner are not subject to standard cancellation and notice requirements, provided they comply with related regulations.