Enhancing Liability Insurance Access for Connecticut Nonprofits

The Connecticut Insurance Department has issued a Request for Proposals (RFP) targeting expert consulting firms for a feasibility study aimed at enhancing liability insurance access for nonprofit organizations in the state. This effort aligns with Public Act 26-47, underscoring Connecticut's dedication to addressing insurance market challenges affecting nonprofits.

This study will identify solutions to pressing issues like rising premiums and limited insurance options. To tackle these challenges, the Connecticut Nonprofit Liability, Property, and Casualty Insurance Working Group was established, operating under the General Assembly's Insurance and Real Estate Committee with public proceedings available online.

The department seeks firms with strong expertise in insurance feasibility studies, actuarial evaluations, and risk management. The chosen consultant will evaluate options such as liability risk pooling and captive insurance, while analyzing financial, regulatory, and operational aspects to formulate recommendations for the Connecticut General Assembly's report due by February 1, 2027.

Insurance Commissioner Josh Hershman highlighted the nonprofit sector's significance and the necessity for stable insurance markets, indicating that the study will provide valuable insights for informed policymaking. The Connecticut General Assembly has dedicated $200,000 to this initiative, with proposals due by July 28, 2026. Interested parties can access RFP details on the CTsource Bid Board.