OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
SB-843
AN ACT CONCERNING THE REGULATION OF INSURANCE IN
THIS STATE.
AMENDMENT
LCO No.: 10671
File Copy No.: 315
Senate Calendar No.: 207
Primary Analyst: MP 6/8/21
Contributing Analyst(s): (PC)
OFA Fiscal Note
Potential Cost
The amendment adds provisions to the bill which result in potential
costs to the Insurance Department (DOI).
Under the amendment, DOI must report by April 1, 2022, and
biennially thereafter, on the agency's progress in taking actions related
to climate-related risks and greenhouse gas emissions, and on the
agency's actions to bolster the resilience of insurers to the physical
impacts of climate change. To the extent that DOI requires outside
expertise to help establish the reporting initially, the agency is
anticipated to incur a cost for consultant services of up to $25,000 in FY
22.
The amendment makes permanent the personal risk insurance "flex
rating" law that the underlying bill extends to 2025 and permits the
Insurance Commissioner to engage the services of attorneys, actuaries,
accountants and other experts not otherwise a part of his staff to assist
in fulfilling the agency's responsibilities related to these provisions.
While there is no fiscal impact from the elimination of the sunset date,
the option to supplement the agency's staff as needed could result in
increased contract costs for DOI.
The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly,
solely for the purposes of information, summarization and explanation and does not represent the intent of the 2021SB-00843-R00LCO10671-FNA.DOCX Page 2 of 2
General Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety
of informational sources, including the analyst’s professional knowledge. Whenever applicable, agency data is
consulted as part of the analysis, however final products do not necessarily reflect an assessment from any
specific department.