CT HB05520

Adds a new definition of "homeowners insurance" as property and casualty insurance for owner-occupied buildings with four or fewer dwelling units, effective October 1, 2016.

Renumbers existing insurance definitions (13) through (14) to become (11) through (14) to accommodate the new homeowners insurance definition.

Changes the effective date for third-party designation requirements in automobile and homeowners insurance policies from October 1, 2002 to October 1, 2017.

Expands third-party designation rights to any individual (rather than only those aged fifty-five or over) who may designate a third party to receive notices of cancellation or nonrenewal of insurance policies.

Requires third-party designees to provide written acceptance, become effective within ten business days, and allows either party to terminate the designation relationship through written notice.