Connecticut Seal

General Assembly

File No. 229

    January Session, 2007

Substitute Senate Bill No. 1212

Senate, April 2, 2007

The Committee on Insurance and Real Estate reported through SEN. CRISCO of the 17th Dist., Chairperson of the Committee on the part of the Senate, that the substitute bill ought to pass.

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

Section 1

October 1, 2007

38a-841(1)

INS

Joint Favorable Subst.

 

Agency Affected

Fund-Effect

FY 08 $

FY 09 $

Department of Revenue Services

GF - Revenue Impact

See Below

See Below

Yea

19

Nay

0

(03/15/2007)

TOP

1 CIGA, which is funded by assessments against insurers licensed to write property and casualty insurance in the state, is required by law to process and pay qualifying claims filed by state residents against an insolvent insurance company. CIGA will attempt to refund those insurers they assess over time with funds they recover from the insolvent insurer.

2 To the extent insurers are refunded by CIGA they are required to reimburse Connecticut for their previously claimed offset to the insurance premiums tax.