Connecticut Developments

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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.
Read More Complimentary Webinar: Developments in State Privacy ‎Requirements for Connecticut ‎Businesses

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….”…
Read More Big Data for Insurers: Clarity about the New Connecticut Requirements

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.‎…
Read More Connecticut and the UK Create “InsurTech Corridor” Partnership

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.
Read More Connecticut Insurance Department Releases its National Climate Risk Survey

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 More Connecticut Passes the First Climate-Related Risk Legislation in the 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.
Read More Connecticut’s Bill Concerning Insurance And Climate Change

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

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.
Read More Connecticut Adopts Insurance Data Security Law