General Assembly Raised Bill No. 6469
January Session, 2011 LCO No. 3256
*03256_______INS*
Referred to Committee on Insurance and Real Estate
Introduced by:
(INS)
General Assembly
Raised Bill No. 6469
January Session, 2011
LCO No. 3256
*03256_______INS*
Referred to Committee on Insurance and Real Estate
Introduced by:
(INS)
AN ACT CONCERNING NOTIFICATION TO INSURERS UPON A FORECLOSURE AND CONFIDENTIALITY OF UNDERWRITING GUIDELINES.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 49-16 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2011):
(a) When any mortgage of real estate has been foreclosed, and the time limited for redemption has passed, and the title to the mortgaged premises has become absolute in the mortgagee, or any person claiming under him, he shall, either in person or by his agent or attorney, forthwith make and sign a certificate describing the premises foreclosed, the deed of mortgage on which the foreclosure was had, the book and page where the same was recorded and the time when the mortgage title became absolute.
(1) The mortgagee or such person claiming under him shall record the certificate [shall be recorded] in the records of the town where the premises are situated. [and] The certificate shall be substantially in the form following:
To all whom it may concern. This certifies that a mortgage from .... of the town of ...., county of ...., in the state of ...., to .... of the town of ...., county of ...., and state of ...., bearing date the .... day of ...., A.D. ...., and recorded in the land records of the town of ...., book ...., page ...., was foreclosed upon the complaint of .... against ...., the owner of the equity of redemption in said mortgaged premises, and against ...., having an interest therein, in the .... court .... held at .... within and for the county of .... and the state of Connecticut on the .... day of ...., A.D. 20... The premises foreclosed are described as follows, viz.: .... The time limited for redemption in said judgment of foreclosure has passed and the title to said premises became absolute in the said .... on the .... day of ...., A.D. 20...
Dated at ...., this .... day of ...., 20...
(2) With respect to any mortgage of residential real estate that has been foreclosed, the mortgagee or such person claiming under him shall send a copy of the certificate by first-class mail, postage prepaid, to the last-known property or casualty insurance company providing coverage for such residential real estate. Failure to send or receive the certificate shall not impair the rights of a mortgagee, such person claiming under him or a purchaser of such real estate, or affect the status of such real estate.
(b) If the mortgagee or such person [neglects to lodge] claiming under him fails to record the certificate [for one month] within thirty days after the title becomes absolute, he shall be fined not more than five dollars.
Sec. 2. Subsection (a) of section 38a-349 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2011):
(a) Each insurance company [which] that issues in this state automobile liability policies as defined in section 38a-341 insuring against loss resulting from liability for damages because of bodily injury or death of any person and injury to or destruction of property arising out of the ownership, maintenance or use of a specific motor vehicle or motor vehicles, shall file with the Insurance Commissioner the rules and regulations, or any modifications of such rules and regulations, used by such company to determine whether or not to underwrite such policies. Any filing made pursuant to this subsection shall be considered a trade secret for the purposes of section 1-210.
Sec. 3. Subsection (a) of section 38a-689 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2011):
(a) Each insurance company [which] that issues homeowners insurance policies in this state shall file with the Insurance Commissioner the rules and regulations, or any modifications of such rules and regulations, used by such company to determine whether or not to underwrite such policies. Any filing made pursuant to this subsection shall be considered a trade secret for the purposes of section 1-210.
This act shall take effect as follows and shall amend the following sections:
Section 1 October 1, 2011 49-16
Sec. 2 October 1, 2011 38a-349(a)
Sec. 3 October 1, 2011 38a-689(a)
This act shall take effect as follows and shall amend the following sections:
Section 1
October 1, 2011
49-16
Sec. 2
October 1, 2011
38a-349(a)
Sec. 3
October 1, 2011
38a-689(a)
Statement of Purpose:
To provide that an insurer providing coverage for residential real estate that has been foreclosed is sent a copy of the certificate of foreclosure, and to specify that underwriting rules and regulations used by an insurance company for automobile and homeowners insurance policies are considered trade secrets.
[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.]