Personal Lines Flex Rating Law Extended to 2030
Personal insurance carriers’ ability to take some rating actions without regulator approval will continue for at least another five years, the Connecticut Insurance Department (CID) announced yesterday. The department made the announcement in response to a law enacted by the state General Assembly and signed by Gov. Ned Lamont last month.
Under a law that was due to expire on June 30, carriers had the ability to raise or lower aggregate personal risk insurance rates by up to 6% and increase rates by up to 15% in individual territories without prior approval. The law limited them to taking these actions once per 12-month period.
The newly enacted law pushes the sunset date for the law to June 30, 2025.
The limits apply to individual insurers within carrier groups.
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