AN ACT CONCERNING A CLIMATE CHANGE RELATED SURCHARGE ON CERTAIN INSURANCE POLICIES.

Summary

Starting Jan. 1, 2027, insurers that issue or renew property and casualty policies covering oil, gas, coal or related facilities must add a five‑percent surcharge. The surcharge is sent to a newly created climate resilience account in the General Fund, which will be used for flood‑risk data, public awareness and grants for climate‑resilient projects. The bill aims to raise money from activities that contribute to climate change to help communities adapt to flooding.

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