For Fiscal Year 2025, the Connecticut Insurance Department (CID) has announced that collected over $95 million in revenue, including approximately $2.2 million from industry fines and penalties, $44 million from various fees, and $49 million from surplus lines tax payments. The CID also helped consumers recover $27.9 million dollars. All money collected by the department is allocated to the State of Connecticut’s General Fund and represent direct revenue to the State.
“CID plays a critical role in ensuring a stable insurance marketplace. Our Fiscal Year 2025 results reflect our commitment to protecting consumers and supporting a competitive industry. An additional benefit from this work is the meaningful contribution to the financial health of the State of Connecticut,” said Commissioner Andrew Mais.
The CID itself is primarily funded through the Connecticut Insurance Fund, which is supported by assessments paid by domestic insurance companies and certain other domestic entities. This structure allows the CID to operate independent of the state’s General Fund, while providing dedicated resources for the CID’s operations, administration, and staff.
During FY24-25, the Market Conduct Unit conducted 69 market conduct examinations and collected $1.7 million in fines.
The Department’s Investigations Unit investigates allegations of insurance company and Licensee misconduct. During FY24-25, 30 fines were levied totaling $81,000, 17 licenses were placed on probation, 12 licenses were administratively surrendered/suspended, and 22 licenses were revoked. In addition, half a million in penalties on surplus lines brokers were assessed.
The CID’s Licensing Division also reported steady growth. The CID issued 57,883 new licenses to insurance producers, adjusters, and other insurance professionals in Fiscal Year 2025, bringing the total to 318,229 licenses. Over the past five years, the total number of licenses has grown by 9%, reflecting CID’s ongoing support of a competitive insurance workforce.
“Fiscal Year 2025 highlights the dedication of our team,” said Kurt Swan, Director of the Market Conduct, Fraud, and Licensing Division. “Through thorough oversight, we held industry participants accountable while maintaining a skilled and competitive insurance workforce, reinforcing the integrity of Connecticut’s insurance market.”
The CID’s 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.”
