Key committees are forming to determine how to help those in Connecticut impacted by crumbling concrete foundations.
Key committees are forming to determine how to help those in Connecticut impacted by crumbling concrete foundations.
A captive insurance company that will eventually aid homeowners stuck with crumbling basements was set up this fall by the legislature and governor. It’s a special kind of insurance company where the customers don’t have to pay a premium, but they will be able to make a claim.
It has $100 million it can tap over the next five years.
Members of the Capitol Region Council of Governments Ad Hoc Working Committee on Crumbling Basements got briefed on the process for choosing captive insurance company board members.
They will include local and state leaders, someone from real estate, insurance, banking and two homeowners with crumbling concrete.
The ad hoc committee was told payments from the captive insurance company could begin getting distributed well before this time next year.
Also today, the ad hoc committee was briefed on the concrete testing assistance program that has been set up. More than 100 people have already applied for grants to help pay for the expensive testing. Close to a dozen of them have already received payments.
Captive Insurance Incorporators
Create captive insurance company, vote and appoint board of directors
- Senate Democratic Choice: Sen. Cathy Osten
- Senate Republican Choice: Sen. Tony Guglielmo
- House Republican Choice: Rep. Chris Davis
- House Democratic Choice: Richard Baccoccio (Democrats decided to nominate someone from the insurance industry)
- Governor Malloy Choice: TBA
Organizing Committee
Advise Incorporators on how to set up captive insurance company, non-voting
- Senate Democratic Choice: Sen. Tim Larson
- Senate Republican Choice: Sen. Tony Guglielmo
- House Republican Choice: Rep. Tom Delnicki
- House Democratic Choice: Rep. Jeff Currey
Captive Insurance Company Board of Directors
Will run captive insurance company, set up claims program and establish how company operates
- Senate Democratic Choice: TBA
- Senate Republican Choice: Tony Guglielmo
- House Republican Choice: Kurt Vail
- House Democratic Choice: TBA
- Real Estate Agent or Broker:
- Homeowner #1 impacted by crumbling foundations: TBA
- Homeowner #w impacted by crumbling foundations: TBA
- Chief executive of municipality or designee: TBA
- Registered investment adviser: TBA
- Executive director of captial region council of governments or designee: TBA
- Executive director of Northeast council of governments or designee: TBA
- Representative from the insurance industry: TBA
- Representative from the banking industry: TBA
Working Group
Will develop a model quality control plan for quarries and to study the workforce of contractors repairing and replacing crumbling foundations
- Senate Democratic Choice: TBA
- Senate Republican Choice: Tim Heim, Willington
- House Republican Choice: TBA
- House Democratic Choice: TBA
