Connecticut Seal

General Assembly

 

Raised Bill No. 6468

January Session, 2011

 

LCO No. 3326

 

*03326_______INS*

Referred to Committee on Insurance and Real Estate

 

Introduced by:

 

(INS)

 

AN ACT CONCERNING REGULATIONS FOR SURPLUS LINES INSURERS.

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

Section 1. Section 38a-740 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):

(a) The commissioner may by regulation, in accordance with the provisions of chapter 54: (1) Establish such proper standards as [he] the commissioner may deem necessary to guide surplus lines brokers procuring any such policy of insurance, as is permitted under subsection (a) of section 38a-794, from any such unauthorized insurer; (2) require any unauthorized insurer from which any surplus lines broker has procured or intends to procure any policy of insurance, as is permitted under subsection (a) of section 38a-794, to file with [him] the commissioner such evidence and in such form as [he] the commissioner may prescribe so as to enable [him] the commissioner to establish the financial stability, qualifications and general suitability of such unauthorized insurer to issue any policy of insurance through any surplus lines broker, under section 38a-794; and (3) establish such reasonable filing fees as may be necessary to defray the cost [to him] of examining evidence filed with [him] the commissioner by an unauthorized insurer either voluntarily or pursuant to the provisions of this section.

(b) The commissioner shall amend regulations adopted pursuant to subsection (a) of this section to conform with the provisions of the Nonadmitted and Reinsurance Reform Act of 2010, Subtitle B, Title V, P.L. 111-203.

This act shall take effect as follows and shall amend the following sections:

Section 1

from passage

38a-740

Statement of Purpose:

To require the Insurance Department to amend regulations adopted pursuant to section 38a-740 of the general statutes pertaining to surplus lines brokers and unauthorized insurers to conform with the provisions of the Nonadmitted and Reinsurance Reform Act.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]