General Assembly Raised Bill No. 31
February Session, 2016 LCO No. 445
*00445_______INS*
Referred to Committee on INSURANCE AND REAL ESTATE
Introduced by:
(INS)
General Assembly
Raised Bill No. 31
February Session, 2016
LCO No. 445
*00445_______INS*
Referred to Committee on INSURANCE AND REAL ESTATE
Introduced by:
(INS)
AN ACT CONCERNING THE DISCLOSURE OF FEES FOR THE PROCESSING OF PERSONAL AND COMMERCIAL RISK INSURANCE POLICY PREMIUM PAYMENTS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective October 1, 2016) Each insurer that delivers, issues for delivery, renews, amends or endorses a personal risk or commercial risk insurance policy, as both terms are defined in section 38a-663 of the general statutes, on or after October 1, 2016, shall disclose to an applicant and each insured any fees for the processing of premium payments charged by such insurer or other entity that provides billing services to such insurer. The insurer or other entity that provides billing services to an insurer shall conspicuously display any such fee on each premium billing notice.
This act shall take effect as follows and shall amend the following sections:
Section 1 October 1, 2016 New section
This act shall take effect as follows and shall amend the following sections:
Section 1
October 1, 2016
New section
Statement of Purpose:
To require insurers to disclose to applicants and insureds any fees for the processing of premium payments for personal risk or commercial risk insurance policies.
[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.]