Connecticut 2011 Regular Session

Connecticut House Bill HB05444 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	General Assembly Substitute Bill No. 5444
2		-	January Session, 2011 _____HB05444INS___030911____
	1	+	General Assembly Committee Bill No. 5444
	2	+	January Session, 2011 LCO No. 2760
	3	+	02760HB05444INS
	4	+	Referred to Committee on Insurance and Real Estate
	5	+	Introduced by:
	6	+	(INS)
3	7
4	8		General Assembly
5	9
6		-	~~Substitute~~ Bill No. 5444
	10	+	Committee Bill No. 5444
7	11
8	12		January Session, 2011
9	13
10		-	_____HB05444INS___030911____
	14	+	LCO No. 2760
	15	+
	16	+	02760HB05444INS
	17	+
	18	+	Referred to Committee on Insurance and Real Estate
	19	+
	20	+	Introduced by:
	21	+
	22	+	(INS)
11	23
12	24		AN ACT CONCERNING THE VALUE OF A TOTALLED MOTOR VEHICLE.
13	25
14	26		Be it enacted by the Senate and House of Representatives in General Assembly convened:
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16	28		Section 1. Section 38a-353 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2011):
17	29
18		-	(a) Whenever any damaged motor vehicle covered under an automobile insurance policy has been declared to be a constructive total loss by the insurer, the insurer shall [, in calculating~~] calculate~~ the value of such vehicle for purposes of determining the settlement amount to be paid to the claimant~~. [~~, use at least the average of the retail values given such vehicle by (1) the National Automobile Dealers Association used car guide or any other publicly available automobile industry source that has been approved for such use by the Insurance Commissioner, and (2) one other automobile industry source that has been approved for such use by said commissioner.] For the purposes of this section, "constructive total loss" means ~~that~~ the cost to repair or salvage damaged property, or the cost to both repair and salvage such property, equals or exceeds the total value of the property at the time of loss.
	30	+	(a) Whenever any damaged motor vehicle covered under an automobile insurance policy has been declared to be a constructive total loss by the insurer, the insurer shall, in calculating the value of such vehicle for purposes of determining the settlement amount to be paid to the claimant, use at least the average of the retail values given such vehicle by [(1) the National Automobile Dealers Association used car guide or any other publicly available automobile industry source that has been approved for such use by the Insurance Commissioner, and (2) one other automobile industry source that has been approved for such use by said commissioner] any publicly available sources provided by the insurer and the insured. For the purposes of this section, "constructive total loss" means the cost to repair or salvage damaged property, or the cost to both repair and salvage such property, equals or exceeds the total value of the property at the time of loss.
19	31
20		-	(b) The insurer shall provide to the claimant, not later than the date the insurer pays the claimant the settlement amount for such vehicle, (1) a detailed copy of such insurer's calculation of such vehicle's constructive total loss value, (2) if applicable, a copy of any valuation report provided to the insurer by any automobile industry source that is not publicly available, and (3) a written notice disclosing that the claimant may dispute such settlement amount by contacting the Insurance Department. The written notice shall include the following statement, which shall appear in the final paragraph of the notice in not less than twelve-point type: "If you do not agree with this valuation, you may contact the Consumer Affairs Division within the Insurance Department". The notice shall include the address and toll-free telephone number for the division and the Insurance Department's Internet address.
	32	+	(b) The insurer shall provide to the claimant, not later than the date the insurer pays the claimant the settlement amount for such vehicle, (1) a detailed copy of such insurer's calculation of such vehicle's constructive total loss value, and (2) [if applicable, a copy of any valuation report provided to the insurer by any automobile industry source that is not publicly available, and (3)] a written notice disclosing that the claimant may dispute such settlement amount by contacting the Insurance Department. The written notice shall include the following statement, which shall appear in the final paragraph of the notice in not less than twelve-point type: "If you do not agree with this valuation, you may contact the Consumer Affairs Division within the Insurance Department". The notice shall include the address and toll-free telephone number for the division and the Insurance Department's Internet address.
21	33
22	34
23	35
24	36
25	37		This act shall take effect as follows and shall amend the following sections:
26	38		Section 1 October 1, 2011 38a-353
27	39
28	40		This act shall take effect as follows and shall amend the following sections:
29	41
30	42		Section 1
31	43
32	44		October 1, 2011
33	45
34	46		38a-353
35	47
	48	+	Statement of Purpose:
	49	+
	50	+	To allow the use of any publicly available sources to calculate the value of a totalled motor vehicle for purposes of determining the settlement amount of such vehicle to be paid to the claimant.
	51	+
	52	+	[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.]
36	53
37	54
38		-	INS Joint Favorable Subst.
39	55
40		-	~~INS~~
	56	+	Co-Sponsors: REP. MEGNA, 97th Dist.
41	57
42		-	Joint Favorable Subst.
	58	+	Co-Sponsors:
	59	+
	60	+	REP. MEGNA, 97th Dist.
	61	+
	62	+	H.B. 5444