Topic: Connecticut Developments
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” 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 MoreConnecticut Insurance Department Requests Public Comments on NCCI’s Proposed Rate Increases
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 MoreAlleged 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 MoreConnecticut Enacts NAIC Model Laws Regarding Enterprise Risk and Collateral Reduction for Alien Reinsurers
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 MoreConnecticut Governor Announces Plans To Build Captive Insurance Market
Connecticut Governor Dannel P. Malloy has recently put forth proposals in an effort to make Connecticut an enticing domicile for captive insurance companies. According to media reports, Governor Malloy has asked the legislature to approve a $7,500 first-year tax credit for new captive insurers.
Read MoreConnecticut Insurance Department Announces New Cooperation Agreement with Germany
On December 19, 2011, the head of the Connecticut Insurance Department (the “CID”), Commissioner Thomas Leonardi, announced the signing of a memorandum of understanding (“MoU”) with the German Federal Financial Supervisory Authority (“BaFin”), the governmental body responsible for financial regulation in Germany. Under the MoU, the CID and BaFin may request assistance from one another, including obtaining information on regulated companies and individuals.
Read MoreConnecticut Issues Guidance on Annuity Suitability Training Requirements
The Connecticut Insurance Department issued a bulletin on December 19, 2011 (the “Bulletin”), explaining the training requirements mandated by Sections 38a-432a-1 to 38a-432a-8 of the Regulations of Connecticut State Agencies (the “Regulation”) for insurance producers who sell annuity products. The Regulation goes into effect on February 18, 2012, and implements the National Association of Insurance Commissioners Suitability in Annuity Transactions Model Regulation in Connecticut.
Read MoreConnecticut Amends Regulation of Domestic Captives
Connecticut has amended its captive law pursuant to Public Act No. 11-1 (the “Act”). The Act creates three new subgroups of Connecticut-domiciled captives: sponsored, branch, and special purpose financial captives.
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