Insurance and Real Estate Committee

JOINT FAVORABLE REPORT

Bill No.:

HB-5444

Title:

AN ACT CONCERNING THE EXECUTION OF SURETY BONDS BY THE CONNECTICUT HEALTH INSURANCE EXCHANGE.

Vote Date:

3/8/2016

Vote Action:

Joint Favorable

PH Date:

3/3/2016

File No.:

SPONSORS OF BILL:

Insurance and Real Estate Committee

REASONS FOR BILL:

This bill would give the CT. Health Insurance Exchange the obligation of providing an insurance product equivalent to the surety bond required for its top officials and staff. The Attorney General would also no longer be required to approve these products, and no longer be filed in the office of the Secretary of State.

RESPONSE FROM ADMINISTRATION/AGENCY:

Access Health CT. Susan Rich-Bye, Director of Legal & Policy testified in support of this bill. It “would allow Access Health CT to purchase any of the listed products to provide the required coverage for each board member, as well as the chief executive officer and the employees of Access Health CT”. Access Health CT would meet its statutory requirements by procuring a surety bond in the penal sum of fifty thousand dollars for each board member, a blanket position bond or an equivalent insurance product covering all necessary parties

NATURE AND SOURCES OF SUPPORT:

None Expressed

NATURE AND SOURCES OF OPPOSITION:

None Expressed

Reported by: Chris Chinnici

Date: 3/21/16