Connecticut Senate Bill SB01244

Connecticut 2011 Regular Session

• Introduced: 6/5/11

Caption

An Act Implementing The Revenue Items In The Budget And Making Budget Adjustments, Deficiency Appropriations, Certain Revisions To Bills Of The Current Session And Miscellaneous Changes To The General Statutes.

Impact

The bill's passage may lead to significant revisions in how state revenues are generated and appropriated, potentially affecting various state programs that rely on consistent funding. By implementing changes to taxes collected from nonadmitted insurance and other financial regulations, SB01244 intends to enhance the state's fiscal stability. An emphasis on refining existing taxation structures could mean improved compliance and revenue collection from the insurance sector, which has implications for both state budgets and the overall health of the insurance market.

Summary

SB01244, also known as An Act Implementing The Revenue Items In The Budget, proposes several critical changes aimed at adjusting state revenues and appropriations to better meet current financial demands. The bill includes specifications for revenue collection adjustments, alongside various revisions to existing state statutes. The primary aim is to streamline financial operations within state government while addressing budgetary shortfalls and aligning revenue generation mechanisms with current economic conditions.

Contention

Notably, the bill may encounter contention surrounding the alterations to insurance regulations, particularly concerning nonadmitted insurance policies and the related premium tax structure. Stakeholders within the insurance industry, including brokers and insurers, may express concerns regarding the implications of increased taxes and regulatory compliance requirements, arguing that it could limit competition or lead to increased costs for consumers.