Bill Text: CT HB06364 | 2011 | General Assembly | Comm Sub
Bill Title: An Act Concerning The Sunset Date For Personal Risk Insurance Rate Filings And The Procurement Of Reinsurance By Domestic Title Insurers.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Passed) 2011-07-13 - Signed by the Governor [HB06364 Detail]
Download: Connecticut-2011-HB06364-Comm_Sub.html
General Assembly |
Raised Bill No. 6364 | ||
January Session, 2011 |
LCO No. 3111 | ||
*_____HB06364INS___031711____* | |||
Referred to Committee on Insurance and Real Estate |
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Introduced by: |
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(INS) |
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AN ACT CONCERNING THE SUNSET DATE FOR PERSONAL RISK INSURANCE RATE FILINGS AND LIMITING RATE INCREASES IN CERTAIN CIRCUMSTANCES.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsection (a) of section 38a-688a of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
(a) Notwithstanding the requirements of sections 38a-389 and 38a-688 with respect to personal risk insurance with the exception of residual market rates, and on and after July 1, 2006, and until July 1, [2011] 2013, an insurer may file a rate with the Insurance Commissioner pursuant to this section and such rate shall take effect the date it is filed provided the rate provides for an overall state-wide rate increase or decrease of not more than six per cent in the aggregate for all coverages that are subject to the filing. The six per cent limit shall not apply on an individual insured basis. Not more than one filing may be made by an insurer pursuant to this section within any twelve-month period unless the filing, when combined with one or more filings made by the insurer within the preceding twelve months, does not result in an overall state-wide increase or decrease of more than six per cent in the aggregate for all coverages that are subject to the filing.
Sec. 2. Subsection (b) of section 38a-688 of the general statutes is amended by adding subdivision (6) as follows (Effective October 1, 2011):
(NEW) (6) Whenever an insurer discontinues accepting applications for a line or subline of personal risk insurance in this state, such insurer shall not file a rate increase for such line or subline of more than six per cent.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
from passage |
38a-688a(a) |
Sec. 2 |
October 1, 2011 |
38a-688(b) |
INS |
Joint Favorable |