General Assembly Raised Bill No. 5926
January Session, 2013 LCO No. 1074
*01074_______INS*
Referred to Committee on INSURANCE AND REAL ESTATE
Introduced by:
(INS)
General Assembly
Raised Bill No. 5926
January Session, 2013
LCO No. 1074
*01074_______INS*
Referred to Committee on INSURANCE AND REAL ESTATE
Introduced by:
(INS)
AN ACT CONCERNING PERSONAL RISK INSURANCE RATE FILINGS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsection (a) of section 38a-688a of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
(a) Notwithstanding the requirements of sections 38a-389 and 38a-688 with respect to personal risk insurance with the exception of residual market rates, and on and after July 1, 2006, and until July 1, [2013] 2015, an insurer may file a rate with the Insurance Commissioner pursuant to this section and such rate shall take effect the date it is filed provided the rate provides for an overall state-wide rate increase or decrease of not more than [six] three per cent in the aggregate for all coverages that are subject to the filing. [The six] Such per cent limit shall not apply on an individual insured basis. Not more than one filing may be made by an insurer pursuant to this section within any twelve-month period unless the filing, when combined with one or more filings made by the insurer within the preceding twelve months, does not result in an overall state-wide increase or decrease of more than [six] three per cent in the aggregate for all coverages that are subject to the filing.
This act shall take effect as follows and shall amend the following sections:
Section 1 from passage 38a-688a(a)
This act shall take effect as follows and shall amend the following sections:
Section 1
from passage
38a-688a(a)
Statement of Purpose:
To extend the sunset date for personal risk insurance filings and change the overall state-wide rate increase or decrease from six per cent to three per cent in the aggregate for all coverages that are subject to the filing.
[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.]