AN ACT ESTABLISHING A STATE NATURAL CATASTROPHE FUND.


General Assembly		*Proposed Bill No. 530*
*January Session, 2009*		LCO No. 1501

Referred to Committee on Insurance and Real Estate
Introduced by:
SEN. CRISCO, 17th Dist.

AN ACT ESTABLISHING A STATE NATURAL CATASTROPHE FUND.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

That title 38a of the general statutes be amended to establish a state natural catastrophe fund to offer reinsurance to the private insurance market at rates that reflect risk.

Statement of Purpose:

To establish a mechanism to address costs and expenses arising from natural catastrophes.