CT SB01425

Expands the definition of "extended warranty" to include motor vehicle-specific coverage such as tire/wheel repair from road hazards, paintless dent removal, windshield chip repair, key/fob replacement, and excess wear and use protection for leased vehicles, effective October 1, 2025

Creates new definitions for "vehicle theft protection product" (devices installed to prevent vehicle theft) and "vehicle theft protection product warranty" (contracts covering incidental costs if the theft protection product fails)

Clarifies that contracts providing extended warranties or vehicle theft protection product warranties do not constitute engaging in the insurance business in Connecticut

Establishes a $1,500 filing fee for extended warranty providers and vehicle theft protection product warrantors when submitting rate requests, merger/acquisition filings, or change of control filings to the Insurance Commissioner

Requires extended warranty providers to either maintain reimbursement insurance from a state-authorized insurer or demonstrate adequate financial reserves (not exceeding half of audited net worth, or held in trust if exceeding that threshold)