The Connecticut Insurance Department has entered into a new agreement with the German Federal Financial Supervisory Authority in order to better supervise an insurance organization that does business in both Germany and the U.S. The agreement is the second between the two entities in the past three months. Insurance Commissioner Thomas Leonardi believes that ensuring the financial stability of insurance companies is vastly important to the protection of consumers. Regulation, according to Leonardi, is the best way to keep insurers from making costly decisions that could compromise the economy. As…
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Connecticut regulators find rampant fraud in emergency aid after Hurricane Irene
Connecticut Governor Dannel Malloy has tasked the state’s insurance regulators to investigate allegations of fraud coming from the Department of Social Services. In the wake of Hurricane Irene, hundreds of Connecticut residents sought emergency aid to cover the cost of replacing spoiled food and several other expenses. According to the Department of Social Services, many of the people looking for help from the state were not qualified to receive financial aid because their incomes were too high. These people managed to obtain aid by presenting fraudulent information. Hurricane Irene too…
Read MoreConnecticut Department of Insurance focus is on transparency and synergy with the insurance industry
The Connecticut insurance industry is entering a period of change, according to the state’s Department of Insurance, and state officials are looking to make the transition into new laws and regulations as smooth as possible. Regulators from the department have begun reaching out to other regulatory agencies and consumers in order to assist with issues arising from changes made to the industry. The changes come from both state and federal laws that seek to make insurance more accessible to a greater number of people whilst increasing consumer benefits. Speaking at…
Read MoreConnecticut regulators make changes to the guidelines for hurricane deductibles for the sake of consumers
The recent events surrounding Augusts’ Hurricane Irene has prompted insurance regulators in Connecticut to take a bold stance in determining how insurers should respond to future hurricanes. The state’s Department of Insurance has begun revising a number of guidelines governing the insurance industry’ sometimes suspect hurricane deductibles. Regulators began reviewing changes to the system shortly after the storm, but only now have they reached a consensus on how far to take them. The Department of Insurance is looking to change the guidelines to make them more consumer friendly. Hurricane deductibles…
Read MoreInsurance legislation meets veto from Connecticut’s Governor
Earlier this month, the Connecticut Insurance Legislation passed a bill that would require the state to host a public symposium regarding rate proposals from the state’s health insurers. State residents would be able to attend the gathering and listen to insurer’s outline their plans for rate increases or decreases as well as ask questions regarding these issues. The symposium would have been mandatory before regulators could approve or reject proposals, but Governor Dannel Malloy vetoed the measure as it came to his desk late last week. In a message that…
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