Mission Statement and Statutory Responsibility of the State Insurance and Risk Management Board
The mission of the State Insurance and Risk Management Board is to protect assets of the State of Connecticut through a comprehensive and cost effective insurance and risk management program. Our goal is to provide the best insurance and risk management service possible for the State of Connecticut.
History of the State Insurance and Risk Management Board
The State Insurance and Risk Management Board was originally created in 1963 by a Gubernatorial Blue Ribbon Commission as the State Insurance Commission by Public Act No. 63-348. The first meeting of the Commission was held on August 5, 1963. The 1965 Legislative session enacted Public Act No. 65-313, which amended the name of the Commission to the State Insurance Purchasing Board.
In 1998, House Bill No. 5266 changed the name of the State Insurance Purchasing Board to the State Insurance and Risk Management Board and authorized the development of risk management and loss prevention programs. The change in the name of the Board reflects its dedication to loss control and loss prevention within the State of Connecticut.
Pursuant to Connecticut's General Statutes Section 4a-19, 20 and 21, the principal duties of the Board are to:
•Determine the method by which the State shall insure itself against losses by the purchase of insurance.
•Obtain the broadest coverage at the most reasonable cost.
•Direct negotiations for the purchase of such insurance and determine the applicability of deductibles and self-insurance.
•Designate the Agent or Agents of Record and select companies from which the insurance coverage shall be purchased.
•Negotiate all elements of insurance premiums and the agent's commission and/or fee for service and establish specifications and request bids for each insurance contract through the Agent of Record.
•Develop and implement Risk Management and Loss Prevention Programs.
The Board serves as the focal point of all non-employment related risk management and insurance matters affecting the State. As such, each agency, department, commission and board and its respective employees benefit from the Board's services by minimizing the financial effect of loss to property and providing protection and service for liability claims not precluded by sovereign immunity.