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CT HB07038
Bill
Status
2/20/2025
Primary Sponsor
Insurance and Real Estate Committee
Click for details
AI Summary
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Insurance Commissioner must conduct a feasibility study, in consultation with the Commissioner of Agriculture, on establishing a captive insurance company or using parametric insurance contracts to help Connecticut farmers affected by severe weather
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Parametric contracts are insurance products that pay out based on a triggering event (such as specific weather conditions) rather than actual losses incurred
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Report with recommendations due to the General Assembly's environment and insurance committees by February 1, 2026
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Takes effect upon passage and received Joint Favorable reports from both the Insurance and Real Estate Committee and Appropriations Committee
Legislative Description
An Act Requiring A Study Of The Feasibility Of Establishing A Captive Insurance Company Or Using Parametric Insurance To Provide Financial Assistance To Farmers Impacted By The Effects Of Severe Weather.
Last Action
Tabled for the Calendar, House
5/7/2025