OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
HB-5223
AN ACT CONCERNING MINOR REVISIONS TO AGRICULTURE
RELATED STATUTES.
AMENDMENT
LCO No.: 5054
File Copy No.: 83
House Calendar No.: 86
Primary Analyst: MP 5/1/24
Contributing Analyst(s): (C)
Reviewer: JS
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 25 $ FY 26 $
Insurance Dept. IF - Cost 50,000 None
Note: IF=Insurance Fund
Municipal Impact: None
Explanation
The amendment requires the Insurance Department (DOI) to conduct
a feasibility study for establishing a captive insurance company to assist
farmers impacted by severe weather. This results in an Insurance Fund
cost of approximately $50,000 in FY 25 for DOI to hire an actuarial firm
with expertise in catastrophe modeling to conduct the study and
produce a report by January 1, 2025. DOI does not have the capacity to
do the study internally.
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 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.