Connecticut Developments Archives - Insurance & Reinsurance

Connecticut Department of Insurance Proposes Guidance on Climate Change Financial Risk

by Andrew Otis and Brittany Batts | Apr 26, 2022 | Climate Change, Connecticut Developments

Following on the heels of the New York Department of Financial Services (“NYDFS”), the National Association of Insurance Commissioners (“NAIC”) and the U.S. Security and Exchange Commission (“SEC”), the Connecticut Department of Insurance on April 22, 2022 proposed guidance for domestic insurers on managing climate change financial risk. Like the NYDFS, the NAIC and the SEC programs, the proposed guidance is based on the framework develop by the Task Force on Climate-related Financial Disclosure (“TCFD”).

Connecticut and the UK Create “InsurTech Corridor” Partnership

by Jeffrey Bohn | Mar 16, 2022 | Connecticut Developments, InsurTech | United Kingdom, United States

On March 10, 2022, the UK government and the state of Connecticut entered into a formal ‎‎agreement, dubbed Project “InsurTech Corridor” (the “Project”), that is intended to remove ‎barriers to doing business as an insurtech in each jurisdiction.‎

Connecticut Insurance Department Releases its National Climate Risk Survey

by Alan Levin and Brittany Batts | Aug 20, 2021 | Climate Change, Connecticut Developments

On August 16, 2021, The Connecticut Department of Insurance released its National Survey on Climate Risk in the Insurance Industry. The survey’s main objectives are for insurers to report on climate-related risks and to provide the Department with more information to evaluate climate risk.

Connecticut Passes the First Climate-Related Risk Legislation in the United States

by Alan Levin and Brittany Batts | Jun 21, 2021 | Climate Change, Connecticut Developments | United States

The Connecticut General Assembly passed climate-related risk legislation on June 17, 2021 in a section of its state budget implementation bill, making this legislation the first climate-related risk legislation in the United States. SB 1202 Section 346 incorporates provisions of SB 1047, a bill introduced by the Insurance Committee and Real Estate Committee.

Connecticut’s Bill Concerning Insurance And Climate Change

by Alexandra Cavaliere | Mar 19, 2021 | Climate Change, Connecticut Developments | United States

On March 12, 2021, the Connecticut Committee on Insurance and Real Estate introduced S.B. No. 1047, An Act Concerning Insurance And Climate Change. The stated purpose of the bill is to require (1) the Insurance Commissioner to (A) develop and implement criteria for each insurer doing business in this state to annually submit a report to the commissioner concerning climate risk, and (B) annually submit a report to the joint standing committee of the General Assembly having cognizance of matters relating to insurance; and (2) each insurer doing business in this state to annually submit a report to the commissioner concerning climate risk.

Connecticut Governor Looks To Amend Captive Insurance Law To Offer New Incentives For Captives

Feb 14, 2020 | Captives, Connecticut Developments | United States

On February 5th, Connecticut Governor Ned Lamont delivered a series of proposals to legislators, including an act ‎concerning captive insurance companies that aims to expand the captive insurance industry, incentivizing captives ‎to relocate to Connecticut.

Connecticut Insurance Department NAIC Re-Accreditation

by Alexandra Cavaliere | Dec 18, 2019 | Connecticut Developments | United States

Andrew N. Mais, the Connecticut Insurance Department Commissioner, announced last week that the department was awarded their re-accreditation by the National Association of Insurance Commissioners (NAIC) during the NAIC’s national meeting on Dec. 6.

Connecticut Adopts Insurance Data Security Law

by Ben FrazziniKendrick and Theodore Augustinos | Aug 5, 2019 | Connecticut Developments, Privacy/Data Security/Cyber Risk, Regulatory | United States

To date, six states from Michigan to Alabama have adopted versions of the National Association of Insurance Commissioner’s model insurance data security law (the “NAIC model”). The NAIC model generally requires entities licensed or authorized to operate under a state’s insurance laws to develop a cybersecurity program, investigate and report data breaches, and certify compliance with the law to the state’s insurance commissioner. Connecticut joined the growing list of states that have adopted a version of the NAIC model, buried in a budget bill, when Governor Ned Lamont signed Public Act 19-117 (the “Act”), on June 26, 2019, effective in relevant part on October 1, 2020.

InsurTech Weekly Roundup – April 12, 2019

Apr 12, 2019 | Connecticut Developments, InsurTech, State Legislative Developments | European Union, United States

While you were off changing the industry, you may have missed ‎‎these important developments

CCPA Proliferation: Connecticut and other states propose to follow California’s lead on ‎Consumer Privacy

by Ben FrazziniKendrick and Theodore Augustinos | Mar 22, 2019 | Connecticut Developments | United States

On March 20, 2019, the Joint Committee on Government Administration and Elections (the “Joint Committee”) introduced An Act Concerning Consumer Privacy, Raised Bill No. 1108. The Bill is essentially a reprinting of the original...

Topic: Connecticut Developments

Connecticut Department of Insurance Proposes Guidance on Climate Change Financial Risk

Connecticut and the UK Create “InsurTech Corridor” Partnership

Connecticut Insurance Department Releases its National Climate Risk Survey

Connecticut Passes the First Climate-Related Risk Legislation in the United States

Connecticut’s Bill Concerning Insurance And Climate Change

Connecticut Governor Looks To Amend Captive Insurance Law To Offer New Incentives For Captives

Connecticut Insurance Department NAIC Re-Accreditation

Connecticut Adopts Insurance Data Security Law

InsurTech Weekly Roundup – April 12, 2019

CCPA Proliferation: Connecticut and other states propose to follow California’s lead on ‎Consumer Privacy

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