Joseph J. Crisco, Jr.

Crisco Heralded by Interfaith Group at Its Founding Assembly in Bridgeport

State Senator Joseph J. Crisco, Jr. (D-Woodbridge), Senate chair of the legislature’s Insurance and Real Estate Committee, was commended at last week’s inaugural convention of Congregations Organized for a New Connecticut (CONECT), an interfaith coalition working toward political and social objectives.

While dignitaries in attendance—including Governor Malloy and Speaker of the House Donovan—were introduced Senator Crisco was singled out for his longstanding efforts to reform the process by which insurance rates are set, adjusted, and approved. More specifically, Senator Crisco was hailed for his legislation earlier this year to require public hearings and create more transparent insurance rate approval procedures.

“Given the existing state regulation of insurance rates and the idea that rate increases must go through an approval process, it follows the approval process should be as thorough as possible to ensure insurers are operating efficiently and that increases are necessary,” Senator Crisco said. “To me it just seems like common sense that any rate increase approval should only be made in conjunction with a requirement that insurance companies or the Insurance Department maintain and make available better records about industry costs and profits.”

The founding assembly of CONECT boasted some 1,200 delegates from a broad spectrum of religious groups from across the southern tier of Connecticut. In its inaugural platform four specific insurance industry reforms are identified:

• Reduce the threshold percentage increase from 15 percent to 10 percent—the federal standard.
• Include long-term care insurance premiums.
• Increase the number of hearings allowed.
• Require insurance companies to notify their insured when they ask for an increase, not only after an increase has been granted.

“It was truly an honor to be recognized by this group at its founding convention and going forward, I look forward to working with its members toward our common goals and objectives,” Senator Crisco said. “My long-held premise is that the insurance industry must be held accountable to those it serves, the individual, small business, and corporate policy holders and customers who pay their premiums and fuel the insurance companies in the first place.”