PA 08-129—sHB 5520
Insurance and Real Estate Committee
AN ACT CONCERNING NOTIFICATION BY SURPLUS LINES INSURERS
SUMMARY: This act changes the notice requirement concerning the Connecticut Insurance Guaranty Association that surplus lines insurers' must include on the cover of their policies. It requires the notice to be printed in at least 12-point boldface type and in capital letters instead of 10-point red bold type.
It also revises the notice by adding a reference that the policy is a surplus lines policy. The revised notice must state “This is a surplus lines policy and is not protected by the Connecticut Insurance Guaranty Association. ” Under current law, the notice reads: “This policy is not protected by the Connecticut Insurance Guaranty Association. ”
The association, which property and casualty insurers fund through assessments, pays qualifying claims from state residents against insolvent insurance companies. A surplus lines insurer is an unauthorized insurer (i. e. , an insurer not licensed to do business in Connecticut).
EFFECTIVE DATE: October 1, 2008
OLR Tracking: JLK: JK: SS: dw