Senate Bill No. 453 establishes a 5% surcharge on property and casualty insurance policies issued or renewed in Connecticut for fossil fuel infrastructure, effective January 1, 2027. This includes policies related to the processing, exporting, or transporting of oil, methane gas, or coal, covering infrastructure such as wells, pipelines, terminals, and refineries, while exempting home fuel delivery vehicles. The collected surcharges will be directed to the Insurance Commissioner, who will deposit them into a newly created "climate resilience account" managed by the Commissioner of Energy and Environmental Protection.

The climate resilience account is designed to support initiatives aimed at mitigating flood risks in communities across Connecticut. Funds from this account will be allocated for disseminating flood risk data, raising public awareness in high-risk areas, and providing grants for the construction of climate-resilient infrastructure. The bill also allows the account to accept additional funds, gifts, or donations for its purposes. Notably, the bill deletes references to the General Fund in the context of the account, ensuring that the funds do not lapse at the end of the fiscal year. The act is set to take effect on October 1, 2026.