Topic: Connecticut Developments

Connecticut Expands Notice Requirements for Withdrawing From a Line of ‎Business

Property and casualty insurance companies’ decisions to withdraw from certain lines of ‎business, in jurisdictions such as California and Florida, has garnered a great deal of attention in ‎recent months. The Connecticut Department of Insurance (the “Department”) recently ‎published a bulletin clarifying its expectations for prior notice from property & casualty carriers ‎when planning to exit a line of business or discontinue a subline of business. The new bulletin ‎rescinds and replaces a prior bulletin,‎ extending the bulletin’s reach regarding location-based ‎discrimination and “agency-facing applications and other technology, processes (e.g., referrals ‎to underwriters) or communications to producers.”‎

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Connecticut Amends Its Captive Insurance Laws

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. 

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Connecticut Considers Self-Service Storage Insurance Licensing Requirements

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.

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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….”

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