For the 2025 fiscal year, the Connecticut Insurance Department (CID) collected more than $95 million in revenue that has boosted the state’s general fund.
The revenue included approximately $2.2 million from insurance industry fines and penalties, $44 million from various fees, and $49 million from surplus lines tax payments.
The CID said it also helped consumers recover $27.9 million.
The amounts collected by the CID represent direct revenue to the state. The CID is primarily funded through the Connecticut Insurance Fund, which is supported by assessments paid by domestic insurance companies and certain other domestic entities.
During year, the Market Conduct Unit conducted 69 market conduct examinations and collected $1.7 million in fines. The Investigations Unit that investigates allegations of insurance company and licensee misconduct levied fines totaling $81,000, placed 17 licenses on probation, suspended 12 licenses, and revoked 22 licenses. In addition, it assessed $500,000 in penalties on surplus lines brokers.
The Licensing Division reported steady growth, issuing 57,883 new licenses to insurance producers, adjusters, and other insurance professionals, bringing the total to 318,229 licenses. Over the past five years, the total number of licenses has grown by 9%.
The Consumer Affairs Division processed 4,784 consumer complaint investigations, addressed 2,074 assistance requests, and reviewed 787 external health review applications. In total, the CID recovered $6.5 million for consumers. In addition, the Department assisted in helping consumers recover over $21.4 million through the life insurance policy locator tool.
“These results demonstrate the real-world impact of our work,” said Gerard O’Sullivan, director of the Consumer Affairs Division. “By helping residents navigate insurance issues and recover funds, we are strengthening consumer confidence and supporting a fair marketplace in Connecticut.”
Source: Connecticut Insurance Department
Topics Market Connecticut
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