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.
Read MoreOn 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.
Read MoreOn 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.
Read MoreAndrew 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.
Read MoreTo 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.
Read MoreWhile you were off changing the industry, you may have missed these important developments
Read MoreOn 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...
Read MoreCrumbling Foundations is no new issue in Connecticut, but on Friday March 8th, two state legislative committees held a joint public hearing on nine different bills currently aimed at addressing this long standing problem.
Read MoreAndrew N. Mais has been nominated by Connecticut Governor Ned Lamont to serve as Insurance Commissioner effective March 4th.
Read MoreAll eyes have been focused on the federal mid-term elections and the impact on the U.S. House and Senate. Post-mortems by the pundits have begun. See Locke Lord’s take on the mid-terms. The divided government in Washington, D.C. may well stymie efforts to regulate the insurance industry at the federal level, except in very limited circumstances where bi-partisan accord can be achieved.
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