On July 17, 2013, the Connecticut Insurance Department (the “Department”) announced that it is requiring Connecticut-based insurers writing annual premiums of more than $100 million in 2012 to complete an annual Climate Risk Survey (the “Survey”). According to the Department’s press release, 110 insurers meet the requirement criteria and must complete and submit the Survey by August 30, 2013.
Read More Connecticut Now Requires Insurers to Report on Steps Taken to Handle Climate Change Risk
Connecticut Developments
UPDATE: Connecticut Enacts Auto Glass Repair Disclosure Bill
By Zachary Lerner & Troutman Pepper Locke on
This updates our May 17, 2013 blog post.
On June 3, 2013, Connecticut Governor Dannel Malloy signed into law HB 5072 (the “Bill”), restricting insurance companies and affiliated entities from influencing insureds into using specific automotive glass repair establishments. …
Read More UPDATE: Connecticut Enacts Auto Glass Repair Disclosure Bill
Connecticut Considering Auto Glass Repair Disclosure Bill
By Zachary Lerner & Troutman Pepper Locke on
Earlier this week, the Connecticut House passed HB 5072, limiting the abilities of insurance companies or their representatives to “steer” insureds to specific automotive glass repair facilities. The new legislation follows a trend in Connecticut to dissuade insurers from directing insureds to use specific facilities. Connecticut’s existing laws prevent appraisers from requiring that specific locations or companies be used for automotive repairs. …
Read More Connecticut Considering Auto Glass Repair Disclosure Bill
Connecticut Continues Efforts to Attract Captives
By Troutman Pepper Locke on
At Connecticut’s first Captive Insurance Day at the Capitol May 14, 2013, representatives of the Connecticut Insurance Department (the “CID”), the Connecticut Captive Insurance Association, the Department of Economic and Community Development, and the co-chairs of the Connecticut General Assembly’s Insurance and Real Estate Committee emphasized Connecticut’s continuing efforts to attract new captive insurers to the state, including through SB 1093. …
Read More Connecticut Continues Efforts to Attract Captives
Connecticut Approves First Certified Reinsurer
By Troutman Pepper Locke on
The Connecticut Insurance Department (the “CID”) has approved Swiss Reinsurance Co. Ltd. as the first certified reinsurer eligible for reduced credit for reinsurance collateral requirements in Connecticut, according to a notice published on the CID website April 2, 2013. …
Read More Connecticut Approves First Certified Reinsurer
Sandy: Déjà Vu?
Seven years ago, Hurricane Katrina made landfall in New Orleans. In the days that followed Katrina, we and others who focus on questions of insurance coverage debated whether the devastation in Mississippi and Louisiana had been caused by water or by wind. We discussed slabs, anti-concurrent causation clauses, levees, efficient proximate cause, valued policy laws, and local and national political dynamics. …
Read More Sandy: Déjà Vu?
“Sandy” Brings Costs to Homeowners, but not Hurricane Deductibles
In response to the extensive damage suffered throughout the northeastern corridor during October, 2012 as a result of Superstorm Sandy, multiple state insurance agencies are intervening on behalf of homeowners by announcing that they will not be required to pay hurricane deductibles on their insurance policies. …
Read More “Sandy” Brings Costs to Homeowners, but not Hurricane Deductibles
Connecticut Insurance Department Requests Public Comments on NCCI’s Proposed Rate Increases
By Troutman Pepper Locke on
On October 15, 2012, Connecticut Insurance Commissioner Thomas B. Leonardi announced a thirty (30) day public comment period in connection with the National Council on Compensation Insurance, Inc.’s (NCCI) filing for proposed 2013 voluntary loss costs and assigned risk rates. …
Read More Connecticut Insurance Department Requests Public Comments on NCCI’s Proposed Rate Increases
Alleged Mutual Fund Kickback Case Allowed to Proceed as Class Action
Financial lines insurers may want to take a closer look at revenue-sharing agreements between pension plan administrators and the mutual funds they offer plan participants as investment options, in the wake of a Connecticut federal court’s decision to certify a class action against ING Life Insurance & Annuity Company. …
Read More Alleged Mutual Fund Kickback Case Allowed to Proceed as Class Action
Connecticut Enacts NAIC Model Laws Regarding Enterprise Risk and Collateral Reduction for Alien Reinsurers
By Troutman Pepper Locke on
On June 4, 2012, Connecticut Governor Dannel P. Malloy signed into law Public Act 103 and Public Act 139, both of which follow model laws recently put forth by the National Association of Insurance Commissioners (“NAIC”). …
Read More Connecticut Enacts NAIC Model Laws Regarding Enterprise Risk and Collateral Reduction for Alien Reinsurers