Proof of auto insurance in Connecticut Connecticut lawmakers are considering a new plan that could make checking for auto insurance coverage easier. The plan would have small transmitters embedded in the license plates of vehicles. These transmitters would be able to send out insurance verification via RFID signals. Legislators believe that this system would be a more efficient way to track uninsured drivers and issue tickets. If the plan is enacted, the state could collect as much as $29 million each year. According to the Insurance Research Council, a non-profit…
Read MoreTag: Connecticut insurance
Connecticut Becomes First U.S. Insurance Regulator to Join International Information Exchange Agreement
Membership Strengthens International Supervisory Cooperation, Promotes Enhanced Consumer Protection Connecticut Insurance Commissioner Thomas B. Leonardi and Peter Braumüller, Chairman of the Executive Committee of the International Association of Insurance Supervisors (IAIS), today announced that Connecticut has joined an international supervisory cooperation and information exchange agreement, becoming the first U.S. regulator to gain membership. Connecticut becomes the 22nd signatory of the IAIS Multilateral Memorandum of Understanding (MMoU), a framework that establishes a formal basis for global cooperation and information exchange among insurance supervisors. Commissioner Leonardi and Chairman Braumüller said Connecticut was…
Read MoreConnecticut seeks to reclaim its top ranking in terms of insurance by bringing in more captive groups
Connecticut is looking to re-establish itself as the insurance capital of the nation. Legislators are currently working on a plan to encouraging more companies that specialize in captive insurance to come to the state. Captive insurance is a form of self-insurance used often in the insurance industry. Captives are typically spin-off insurance groups that provide coverage for their parent company. This allows large insurers to take more risks and explore new investment ventures. They would also bring more jobs to the state and could help bolster the economy. According to…
Read MoreInsurance Checkup campaign launches in Connecticut to help consumers understand their insurance policies
In an effort to raise consumer awareness of their insurance policies, the Connecticut Department of Insurance has launched a new campaign called “Insurance Checkup.” Many consumers understand what their insurance policies do and do not cover, but a significant number have no clue. This can lead to trouble when it times to file claims and policyholders meet with rejection because their policies do not cover a specific event. Insurance Commissioner Thomas Leonardi cites the disastrous 2011 as inspiration for the initiative. Last year, Connecticut residents fell victim to a number…
Read MoreConnecticut looks to strengthen its defense against natural disasters with new legislation
Connecticut’s governor, Dannel Malloy, has announced that he will be introducing new legislation that could establish new performance standards for the state’s utilities companies. These new standards would require utilities companies to adopt more assertive practices in the event of natural disasters and other emergency situations. The recent spate of catastrophes in the U.S. has led to the formation of the legislation, especially as insurers warn that disasters could have significant and long lasting effects on the state’s economy. Hurricane Irene struck the state in April last year, causing significant…
Read More
