Nevada has adopted the NAIC Model Bulletin on the Use of AI Systems by Insurers along with seven other states, including Alaska, Connecticut, Illinois, New Hampshire, Nevada, Rhode Island and Vermont.
Connecticut Developments
December 2023 Privacy & Cybersecurity Newsletter: A Busy Year-End (States, EU, UK, Incident Response and Litigation)
Locke Lord’s Privacy & Cybersecurity Newsletter provides topical snapshots of recent developments in the fast-changing world of privacy, data protection and cyber risk management.…
Connecticut Amends Its Captive Insurance Laws
By Jeffrey Bohn on
Posted in Connecticut Developments, United States
On June 23, 2023, the Connecticut Insurance Department (the “Department”) issued a press release announcing Governor Ted Lamont signed Public Act No. 23-15, An Act Concerning Captive Insurance Companies, (the “Act”) into law. Effective October 1, 2023, the Act makes various changes to Connecticut’s captive insurance laws. In particular, the Act now permits captive insurance companies to “accept or transfer risk by means of a parametric contract,” which will allow businesses to more easily cover unique risks, according to the Department. …
Connecticut Considers Self-Service Storage Insurance Licensing Requirements
By Jeffrey Bohn on
Posted in Connecticut Developments, United States
The Connecticut General Assembly has proposed a bill that would permit owners of self-storage businesses to sell property insurance to their tenants. Under Senate Bill 1037 (the “Bill”), an owner is required to obtain a self-service storage insurance license in order to sell such insurance and the insurance policy must be issued by an insurer that is authorized to write such lines of business in Connecticut. The Bill would not require tenants of self-storage businesses to buy insurance.…
CT Bar Association Presentation
By Tim Vasil on
Locke Lord will host the Connecticut Bar Association CLE program presented by the Privacy and Cybersecurity Committee on Wednesday, March from 5:00 pm – 7:00 pm. Alex Cox, will serve on a panel that will discuss the New CT Data Privacy Act (ECS230301).…
Complimentary Webinar: Developments in State Privacy Requirements for Connecticut Businesses
Locke Lord and the Association of Corporate Counsel – CT Chapter will host a complimentary webinar titled “Developments in State Privacy Requirements for Connecticut Businesses” on December 14, 2022.…
Big Data for Insurers: Clarity about the New Connecticut Requirements
The Connecticut Insurance Department issued a revised Notice to All Entities and Persons Licensed by the Connecticut Insurance Department concerning the Usage of Big Data and Avoidance of Discriminatory Practices (available here). The Notice, issued April 20, 2022, reminds “all entities and persons licensed by the Department that the Department continues to expect such entities and persons to use technology and Big Data in full compliance with anti-discrimination laws and have completed the [annual] data certification….”…
Connecticut Modifies Its Captive Insurance Laws
By Jeffrey Bohn & Troutman Pepper Locke on
Effective July 1, 2022, House Bill 5506 (the “Bill”) amends various provisions of Connecticut’s captive insurance laws. Notably, the Bill lowers the capital and surplus requirements for various types of captive insurers.…
Connecticut and the UK Create “InsurTech Corridor” Partnership
By Jeffrey Bohn & Troutman Pepper Locke on
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 on
Posted in 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.…