PA 07-21—sSB 1212

Insurance and Real Estate Committee

AN ACT CONCERNING COVERAGE BY THE CONNECTICUT INSURANCE GUARANTY ASSOCIATION

SUMMARY: This act increases the coverage limit for the Connecticut Insurance Guaranty Association from $300,000 to $400,000 for claims arising under policies of property and casualty insurers determined insolvent on or after October 1, 2007. By law, the association pays the full amount of workers' compensation claims.

The association, which is funded by assessments against insurers licensed to write property and casualty insurance in Connecticut, is required by law to process and pay qualifying claims filed by state residents against an insolvent insurance company.

EFFECTIVE DATE: October 1, 2007

OLR Tracking: JLK: hn: jsl: dw