Insurance and Real Estate Committee
AN ACT CONCERNING HOMEOWNERS AND MOTOR VEHICLE INSURANCE POLICIES
SUMMARY: This act eliminates a requirement for an automobile or homeowners insurance policyholder to be at least age 55 to designate a third party to receive cancellation or nonrenewal notices from insurers.
The removal of the age restriction applies to policies issued, renewed, amended, or endorsed in Connecticut on and after October 1, 2017. The act retains existing law's requirements related to third-party designation and the insurer's notices to designees. These include the insurance commissioner's approval of the statement in each policy, the third-party's written acceptance and termination of the designation, and required disclosures on the insurer's mailings.
The act also codifies in statute the definition of homeowners insurance, which is currently in regulations (Conn. Agencies Regs. § 38a-824-2). “Homeowners insurance” is property and casualty insurance for owner-occupied buildings with four or fewer dwelling units.
EFFECTIVE DATE: October 1, 2017, except the definition of homeowners insurance is effective October 1, 2016.
OLR Tracking: JKL; MK; VR; bs