SB2655 (SD2888) - An Act concerning business interruption insurance

Note: this bill is from the 2019-2020 session
Sponsor:
Sen. James B. Eldridge (D)
Progress:
Status:
Reported ought NOT to pass by Senate Committee (REPNOT/S)
Last Action:
11/24/2020 - Reported ought NOT to pass by committee
Summary for SB2655
Requires all insurance policies insuring against loss or damage to property, the loss of use and occupancy and business interruption in force in the commonwealth, to cover any losses resulting from business interruption directly or indirectly due to the global pandemic known as COVID-19; prohibits denial of a claim due to the fact that COVID-19 is a virus and/or there is no physical property damage; requires coverage to continue until executive order 591 is rescinded by the Governor.

Authorizes and regulates reimbursement of insurers for such business loss payments to insureds; directs the commissioner of insurance to impose and collect assessments against licensed insurers that provide business interruption coverage, for the purpose of funding insurance reimbursement during the COVID-19 public health emergency. 

NOTE: Designated an emergency law, allowing for it to take immediate effect upon passage.