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 Developments
Connecticut’s Bill Concerning Insurance And Climate Change
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
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 Adopts Insurance Data Security Law
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
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
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 version of the California Consumer Privacy Act (the “CCPA”), and does not capture amendments that…
New Insurance Commissioner Appointed in Connecticut
Andrew N. Mais has been nominated by Connecticut Governor Ned Lamont to serve as Insurance Commissioner effective March 4th.…
2018 Statewide Elections: A Mixed Bag for Insurers?
All 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…
Reminder: Key Provisions of New York’s Sexual Harassment Law Take Effect Today
New York State and New York City recently passed several anti-harassment laws in the wake of the #MeToo movement that will soon require employers to provide annual sexual harassment prevention training to all workers, distribute a comprehensive sexual harassment prevention policy, and update their form employment contracts and settlement agreements.…
Yet another record-breaking storm
Hurricane Harvey has brought “500-year” rainfall and flood conditions to Southeastern Texas for the third time in three years, according to the Washington Post. How can insurers and reinsurers prepare for the next unprecedented storm?
Look to the Climate Risk Survey, developed by the National Association of Insurance Commissioners…