CT HB06924

Tobacco product manufacturers may assign all or part of their interest in qualified escrow funds to Connecticut, with assignments being permanent, irrevocable, and applying to all future deposits and accrued interest in the fund.

Assigned funds must be deposited in the Tobacco and Health Trust Fund, and financial institutions may petition Superior Court to authorize fund transfers to this account.

State's right to bring claims against manufacturers and their escrow obligations are not waived, with assigned funds credited dollar-for-dollar against any judgment or settlement.

Nonparticipating manufacturers must appoint and maintain a continuous agent in Connecticut for service of process, with 30 days' notice required before terminating an agent and 5 days' notice required for appointing a replacement.

Nonparticipating manufacturers must post an annual bond or security equal to the greater of $25,000 or the highest total escrow owed in any of the five preceding calendar years, with the commissioner able to execute on the bond if escrow deposits are not made within 15 days of the quarterly due date.