Connecticut House Bill HB05345

Connecticut 2021 Regular Session

• Introduced: 1/22/21
• Refer: 1/22/21

Caption

An Act Extending The Sunset Date For Connecticut Foundation Solutions Indemnity Company, Inc.

Impact

The continuation of this indemnity company is significant as it supports homeowners and other entities in mitigating financial risks associated with specific foundation issues. The extension of the sunset date is likely to have implications for homeowners who rely on this indemnity coverage, providing them with more time to secure the necessary insurance and the peace of mind that comes with it. The bill addresses existing concerns about the potential gap in coverage that could arise if the sunset date were to be enforced.

Summary

House Bill 5345 seeks to extend the sunset date for the Connecticut Foundation Solutions Indemnity Company, Inc. This legislative action aims to change the expiration date from the current timetable to December 31, 2040. By doing this, the bill ensures the continued availability of indemnity coverage under the Connecticut Foundation Solutions Indemnity Company, which is vital for addressing challenges related to specific state regulations and standards in the insurance landscape.

Contention

While the bill appears to have widespread support, there may be concerns regarding the regulation and oversight of the indemnity company over the extended period. Stakeholders may debate the effectiveness of the existing regulatory framework to ensure that the interests of policyholders are adequately protected. Additionally, discussions may arise regarding the exploration of alternative insurance options available to Connecticut residents, which could influence the overall insurance climate in the state.