CT HB06621

Changes surplus lines insurance renewal requirements from quarterly filed signed statements to maintained documentation that must be available for commissioner examination upon request, effective October 1, 2023.

Requires licensees and insureds to first make a diligent effort, as defined by the commissioner, to procure full insurance amounts from authorized insurers before placing policies in the surplus lines market.

Mandates licensees keep commissioner-approved documentation of diligent efforts to procure from authorized insurers and information about each surplus lines policy placed.

Exempts flood insurance policies, including those from the National Flood Insurance Program, from the diligent effort requirements.

Exempts policies for exempt commercial purchasers (as defined under the Dodd-Frank Act) when the broker discloses insurance availability and the purchaser requests the unauthorized insurer placement in writing.