Connecticut General Statutes|Chapter 698 - Insurers

Sec. 38a-41. (Formerly Sec. 38-20). Authority to do business. Licensure. Revocation or refusal to renew license. Fines. Company owned by a state or foreign nation or company controlled by insureds not to be issued license. Appeals. Plan of operations. Type of business to be conducted.

Sec. 38a-41a. Certificate authorizing formation of insurance company or health care center. Information required by commissioner. Costs.

Sec. 38a-42. (Formerly Sec. 38-20b). Contracts with life, accident or health insurance producers.

Sec. 38a-43. (Formerly Sec. 38-22). Certain insurance companies and health care centers may be prohibited from transacting business in this state.

Sec. 38a-44. (Formerly Sec. 38-64b). Notice to commissioner of intent to discontinue line of insurance.

Sec. 38a-45. (Formerly Sec. 38-29). Limitation on title insurance and mortgage guaranty insurance.

Sec. 38a-46. (Formerly Sec. 38-30). Writing of participating and nonparticipating insurance by domestic stock and mutual insurance companies.

Sec. 38a-47. (Formerly Sec. 38-53a). Payments by domestic insurance companies for expenditures of Insurance Department and amount appropriated to Office of Health Strategy from Insurance Fund.

Sec. 38a-48. (Formerly Sec. 38-53b). Assessment of payments by domestic insurance companies. Adjustments. Penalty. Interest. Payments credited to Insurance Fund. Allocation of assessments.

Sec. 38a-49. (Formerly Sec. 38-51). Fraternal benefit societies and foreign or alien companies to reimburse state for costs of examination.

Sec. 38a-50. (Formerly Sec. 38-52). Fraternal, foreign and alien life insurers to reimburse state for costs of valuation.

Sec. 38a-51. (Formerly Sec. 38-53). Assessment of costs of examination and valuation. Payments credited to Insurance Fund.

Sec. 38a-52. (Formerly Sec. 38-54). Appeal from assessment.

Sec. 38a-52a. Insurance Fund established.

Sec. 38a-53. (Formerly Sec. 38-24). Requirements re filing of annual reports and financial statements. Late filing fee. Due date extensions.

Sec. 38a-53a. Annual statement convention blank filing with the National Association of Insurance Commissioners. Financial statements and other information filing with the National Association of Insurance Commissioners.

Sec. 38a-54. Audited reports.

Sec. 38a-55. Hypothecation of assets.

Sec. 38a-56. (Formerly Sec. 38-19). False returns to commissioner.

Sec. 38a-57. (Formerly Sec. 38-26a). Retention of records and assets in state.

Sec. 38a-58. (Formerly Sec. 38-40). Change of location of domestic insurance company.

Sec. 38a-58a. Transfer of domicile: By foreign insurance company to this state; by domestic insurance company to another state. Procedures.

Sec. 38a-58b. Definitions.

Sec. 38a-58c. Applicability of state laws to alien insurer's United States branch.

Sec. 38a-58d. Use of state as alien insurer's state of entry. Requirements. Examination of trusteed assets. Revocation of license and liquidation of United States branch.

Sec. 38a-58e. Annual and quarterly statements by United States branch.

Sec. 38a-58f. Issuance and renewal of United States branch license. Proceeding against United States branch.

Sec. 38a-58g. Domestication of alien insurer's United States branch.

Sec. 38a-59. (Formerly Sec. 38-42a). Change of name of domestic insurance company or domestic health care center with capital stock.

Sec. 38a-60. (Formerly Sec. 38-27a). Continuity of management during national emergencies.

Sec. 38a-61. (Formerly Sec. 38-134). Limitation of use of power of attorney.

Sec. 38a-62. (Formerly Sec. 38-27b). Indemnification of directors, officers and employees of mutual insurance companies.

Sec. 38a-63. Limitation of liability of director of mutual insurance company.

Sec. 38a-64. (Formerly Sec. 38-41). Donations by domestic mutual companies.

Sec. 38a-65. (Formerly Sec. 38-48). Disposition of unclaimed dividends of insolvent company.

Sec. 38a-66. Reinsurance of insurance business with other insurers by agreement of bulk reinsurance.

Sec. 38a-67. Reporting requirement for cancellations and revisions of ceded reinsurance agreements.

Sec. 38a-67a. Acquisitions and dispositions of assets, reporting requirement waived, when. Asset acquisitions and dispositions, defined. Information required to be disclosed.

Sec. 38a-67b. Nonrenewals, cancellations or revisions, reporting requirement waived, when. Information required to be disclosed.

Sec. 38a-68.

Sec. 38a-69. Scope of provisions.

Sec. 38a-69a. Confidentiality of financial examination workpapers and operating and financial condition reports. Confidentiality of certain supplemental compensation exhibits and stockholder information supplements. Exceptions.

Sec. 38a-70. Accounting standards.

Sec. 38a-71. Minimum asset requirements. Minimum capital and minimum surplus requirements.

Sec. 38a-72. (Formerly Sec. 38-93). Financial requirements to license an insurance company.

Sec. 38a-72a. Regulations.

Sec. 38a-73. (Formerly Sec. 38-110). Limitation of risks.

Secs. 38a-74 and 38a-75. (Formerly Secs. 38-94 and 38-95). Estimation of trusteed surplus. Appointment of trustees; examinations by commissioner.

Sec. 38a-76. (Formerly Sec. 38-25). Reserves.

Sec. 38a-77. (Formerly Sec. 38-130). Valuation of reserve.

Sec. 38a-78. (Formerly Sec. 38-130e). Ascertainment of reserves for insurance policies and contracts issued prior to and on or after operative date of NAIC Valuation Manual. Actuarial opinions and memoranda. Confidentiality.

Sec. 38a-78a. NAIC Valuation Manual. Operative date changes. Requirements.

Sec. 38a-79. (Formerly Sec. 38-26). Valuation of securities.

Sec. 38a-79a. Short title: Standard Valuation Law.

Sec. 38a-80. (Formerly Sec. 38-164). Premium reserve for health, accident and liability business.

Sec. 38a-81. (Formerly Sec. 38-132). Sale of property taken for debts.

Sec. 38a-82. (Formerly Sec. 38-133). Improvement of real estate.

Sec. 38a-83. (Formerly Sec. 38-43). Securities required by other states deposited with State Treasurer.

Sec. 38a-84. (Formerly Sec. 38-47). Securities to be delivered to receiver.

Sec. 38a-85. Credit allowed a domestic ceding insurer. Filing of annual reports, certifications and financial statements. Suspension or revocation of accreditation or certification. Proportionality and diversification of reinsurance recoverables and program.

Sec. 38a-85a. Certification as a reinsurer. Regulations.

Sec. 38a-86. Reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer. Regulations.

Sec. 38a-87. Qualified United States financial institutions.

Sec. 38a-88. Regulations.

Sec. 38a-88a. Insurance business investments through fund managers. Invest CT funds. Tax credits. Regulations.

Sec. 38a-88b. Applicability of section 38a-88a.

Sec. 38a-89. Reinsurance agreements affected.

Sec. 38a-90. Short title: Managing General Agents Act.

Sec. 38a-90a. Definitions.

Sec. 38a-90b. Licensing of managing general agents.

Sec. 38a-90c. Contractual agreement between insurer and managing general agent. Minimum provisions of the contract.

Sec. 38a-90d. Duties of the insurer.

Sec. 38a-90e. Acts of managing general agent considered to be acts of insurer. Examination of the managing general agent.

Sec. 38a-90f. Violations of the Managing General Agents Act. Hearing and notices. Fines. Loss or damage due to noncompliance rehabilitation or liquidation. Civil actions and other relief.

Sec. 38a-90g. Regulations.

Sec. 38a-90h. Utilization of managing general agent's services. Exceptions.

Sec. 38a-91. Definitions.

Sec. 38a-91a. Insurers affected.

Sec. 38a-91b. Controlled insurers. Applicability. Minimum provisions.

Sec. 38a-91c. Disclosure to insured by controlling producer. Exception.

Sec. 38a-91d. Noncompliance: Remedies allowed.

Secs. 38a-91e to 38a-91j.

Sec. 38a-91k. Captive insurers: Information to be submitted to commissioner.

Secs. 38a-91l to 38a-91z.

Sec. 38a-91aa. Definitions.

Sec. 38a-91bb. Captive insurance companies. Licenses. Fees.

Sec. 38a-91cc. Same or deceptively similar name prohibited.

Sec. 38a-91dd. Capital and surplus requirements.

Sec. 38a-91ee. Payment of dividends and other distributions.

Sec. 38a-91ff. Incorporation and formation. Transfer of domicile.

Sec. 38a-91gg. Annual reports.

Sec. 38a-91hh. Examinations of captive insurance companies. Costs. Confidentiality of financial examination workpapers and reports.

Sec. 38a-91ii. Suspension, revocation or refusal to renew license. Amendment or modification of a special purpose financial captive insurance company's license.

Sec. 38a-91jj. Applicability of state investment laws. Certain loans and investments required to be approved by commissioner. Loans of minimum capital and surplus funds prohibited.

Sec. 38a-91kk. Reinsurance.

Sec. 38a-91ll. Rating organization.

Sec. 38a-91mm. Guaranty association and insolvency fund exclusion.

Sec. 38a-91nn. Direct premium receipts tax and assumed reinsurance premium receipts tax. Applicability of tax statutes.

Sec. 38a-91oo. Applicability of insurance statutes.

Sec. 38a-91pp. Conversions and mergers. Approval by commissioner.

Sec. 38a-91qq. Regulations.

Sec. 38a-91rr. Establishment of protected cells and incorporated protected cells by a sponsored captive insurance company. Extent of obligations. Recourse.

Sec. 38a-91ss. Additional requirements for a special purpose financial captive insurance company.

Sec. 38a-91tt. Additional requirements for a sponsored captive insurance company licensed as a special purpose financial captive insurance company.

Sec. 38a-91uu. Dormant captive insurance company. Certificate of dormancy. Capital and surplus.

Sec. 38a-91vv. Establishment of captive insurance company to provide assistance to owners of residential buildings with concrete foundations that have deteriorated due to presence of pyrrhotite. Reports. Public hearings. Applications for assistance decisions. Termination.

Sec. 38a-91ww. Agency captive insurance companies. Corporate form.

Sec. 38a-91xx. Agency captive insurance companies. Authority to do business.

Sec. 38a-92. Financial Guaranty Insurance Act, generally.

Sec. 38a-92a. Definitions.

Sec. 38a-92b. Licensing of financial guaranty insurance corporations. Reinsurance.

Sec. 38a-92c. Contingency reserves.

Sec. 38a-92d. Reserves against unpaid losses and loss expense.

Sec. 38a-92e. Unearned premium reserve.

Sec. 38a-92f. Disclosures in prospectus or other offering document.

Sec. 38a-92g. Financial guaranty insurance transactions. Exceptions.

Sec. 38a-92h. Copies of relevant materials.

Sec. 38a-92i. Net liability. Kinds of obligations.

Sec. 38a-92j. Limiting of exposure to loss on any one risk.

Sec. 38a-92k. Exceeding of limitations by licensed financial insurance corporations. Notification of commissioner. Hearing.

Sec. 38a-92l. Other licensed insurers transacting financial guaranty insurance to be subject to provisions of this part.

Sec. 38a-92m. Credit for reinsurance as an asset or as a reduction from liability, when.

Sec. 38a-92n. Filing of policy forms and amendments with commissioner.

Sec. 38a-93.

Secs. 38a-94 to 38a-101. (Formerly Secs. 38-141a to 38-146a and 38-148). Domestic life insurers: Certain investments forbidden; unqualified loans and investments, limit permitted; investment in obligations guaranteed by federal or state government; approval of loans and investments; officers to receive no compensation for negotiating loan; security for loans; acquisition and organization of subsidiaries by domestic mutual life insurance companies; penalty for authorizing illegal investments.

Sec. 38a-102. Investments. Derivative financial transactions. Regulations.

Sec. 38a-102a. Nonadmitted investment assets. Divestiture order, notice and hearing.

Sec. 38a-102b. Definitions.

Sec. 38a-102c. Investments of admitted assets. Limitations.

Sec. 38a-102d. Affiliate relationships in the investment of admitted assets. Limitations.

Sec. 38a-102e. Loan or investment prohibition.

Sec. 38a-102f. Prohibition of compensation for negotiating a loan.

Sec. 38a-102g. Investments of foreign and alien insurers.

Sec. 38a-102h. Policies and procedures re use of special knowledge or information.

Sec. 38a-102i. Exceptions.

Secs. 38a-103 to 38a-116.

Sec. 38a-117. (Formerly Sec. 38-68a). Insider trading of equity securities. Definitions.

Sec. 38a-118. (Formerly Sec. 38-68b). Beneficial owners of securities to file with commissioner.

Sec. 38a-119. (Formerly Sec. 38-68c). Disposition of certain profits realized by owners and officers.

Sec. 38a-120. (Formerly Sec. 38-68d). Sales of securities restricted.

Sec. 38a-121. (Formerly Sec. 38-68e). Excepted transactions.

Sec. 38a-122. (Formerly Sec. 38-68f). Foreign or domestic arbitrage transactions.

Sec. 38a-123. (Formerly Sec. 38-68g). Securities of certain companies not covered.

Sec. 38a-124. (Formerly Sec. 38-68h). Regulations.

Secs. 38a-125 to 38a-128.

Sec. 38a-129. (Formerly Sec. 38-39a). Purpose. Definitions. Applicability to captive insurance companies.

Sec. 38a-129a. Presumption of control.

Sec. 38a-130. (Formerly Sec. 38-39b). Acquisition and divestiture of domestic insurance companies. Required statement and notice filings. Violations.

Sec. 38a-131. (Formerly Sec. 38-39c). Acquisitions. Exemptions. Preacquisition notifications. Violations of competitive standards. Hearing. Penalties.

Sec. 38a-132. (Formerly Sec. 38-39d). Approval of acquisitions. Hearing. Expenses.

Sec. 38a-133. (Formerly Sec. 38-39e). Exemptions.

Sec. 38a-134. (Formerly Sec. 38-39f). Nonvotable securities. Injunctive relief.

Sec. 38a-135. (Formerly Sec. 38-39g). Insurance holding company system member registration. Registration statement. Annual enterprise risk report. Termination of registration statement. Disclaimer of affiliation. Exemptions. Supervisory college. Group-wide supervision of internationally active insurance group.

Sec. 38a-136. (Formerly Sec. 38-39h). Requirements re transactions within an insurance holding company system. Prohibited transactions. Extraordinary dividends or distributions.

Sec. 38a-137. (Formerly Sec. 38-39i). Confidentiality of information.

Sec. 38a-138. (Formerly Sec. 38-39j). Regulations.

Sec. 38a-139. (Formerly Sec. 38-39k). Appeals.

Sec. 38a-140. (Formerly Sec. 38-39l). Remedial and penal provisions.

Sec. 38a-141. (Formerly Sec. 38-39m). Financial and market conduct examination of acquired domestic insurance company. Transactions limited. Penalties. Regulations.

Sec. 38a-142. Own risk and solvency assessments. Reports. Penalty. Exemptions. Confidentiality of documents, materials or other information.

Sec. 38a-142a. Corporate governance annual disclosures. Confidentiality of documents, materials or other information. CGAD reviews. Penalty.

Secs. 38a-143 to 38a-145.

Sec. 38a-146. (Formerly Sec. 38-37). Domestic insurance company may acquire stock of other companies.

Sec. 38a-147. (Formerly Sec. 38-37a). Solicitation of proxies.

Sec. 38a-148. (Formerly Sec. 38-37b). Redemption of shares of domestic insurance company. Notice. Determination of fair value.

Sec. 38a-149. (Formerly Sec. 38-38). Interlocking directorate.

Sec. 38a-150. (Formerly Sec. 38-39). Monopoly. Complaint and hearing. Cease and desist order.

Sec. 38a-151. (Formerly Sec. 38-34). Reduction of capital stock.

Sec. 38a-152. (Formerly Sec. 38-35). Issuance of stock in exchange for stock of another company.

Sec. 38a-153. (Formerly Sec. 38-42). Merger or consolidation of companies.

Sec. 38a-154. (Formerly Sec. 38-36). Filing of the certificate of merger or consolidation with the Secretary of the State.

Sec. 38a-155. (Formerly Sec. 38-42b). Conversion of hospital service corporation and medical service corporation to mutual insurance company. Procedure. Authorized agents to sell products.

Sec. 38a-156. Definitions.

Sec. 38a-156a. Reorganization of domestic mutual insurer as domestic stock insurer owned by mutual holding company. Plan of reorganization. Approval. Use of the word “mutual” in name. Voting stock ownership. Prohibited fees, commission or other consideration.

Sec. 38a-156b. Mutual holding company requirements.

Sec. 38a-156c. Amendments to articles of incorporation and plan of reorganization.

Sec. 38a-156d. Transfer of assets or liabilities and acquisition of subsidiaries by reorganized insurer.

Sec. 38a-156e. Requirements of reorganizing mutual life insurer. Report.

Sec. 38a-156f. Voting stock offerings.

Sec. 38a-156g. Restrictions on stock offerings and stock ownership.

Sec. 38a-156h. Merger or consolidation of mutual holding companies. Effect on pending court action or proceeding.

Sec. 38a-156i. Reorganization of domestic mutual insurer with existing domestic or foreign mutual holding company.

Sec. 38a-156j. Conversion of domestic mutual holding company to domestic stock corporation. Plan of conversion. Approval. Prohibited fees, commission or other consideration.

Sec. 38a-156k. Proceedings and actions.

Sec. 38a-156l. Confidentiality of information, documents and copies related to reorganization, merger, consolidation or conversion.

Sec. 38a-156m. Regulations.

Secs. 38a-156n to 38a-156q. Reserved for future use.

Sec. 38a-156r. Definitions.

Sec. 38a-156s. Division of domestic insurer. Plan of division. Amendment and abandonment.

Sec. 38a-156t. Plan of division. Approval by interest holders and governors.

Sec. 38a-156u. Plan of division. Approval by commissioner. Notice and hearing. Certificate of approval.

Sec. 38a-156v. Certificate of division.

Sec. 38a-156w. Effect of division.

Sec. 38a-156x. Responsibility and liability of resulting insurers.

Sec. 38a-156y. Appraisal rights.

Sec. 38a-156z. Regulations.

Secs. 38a-157 to 38a-159.

Sec. 38a-160. (Formerly Sec. 38-290). Exceptions.

Sec. 38a-161. (Formerly Sec. 38-291). Definitions.

Sec. 38a-162. (Formerly Sec. 38-292). License required. Expiration. Fee. Required information.

Sec. 38a-163. (Formerly Sec. 38-293). Application for license. Investigation. Hearing on license denial. Issuance or renewal.

Sec. 38a-164. (Formerly Sec. 38-294). Revocation, suspension or refusal to renew license. Hearing. Fine. Petition to show cause.

Sec. 38a-165. (Formerly Sec. 38-295). Records of licensee.

Sec. 38a-166. (Formerly Sec. 38-296). Regulations.

Sec. 38a-167. (Formerly Sec. 38-297). Insurance premium finance agreement requirements.

Sec. 38a-168. (Formerly Sec. 38-298). Service charge.

Sec. 38a-169. (Formerly Sec. 38-299). Delinquency charge.

Sec. 38a-170. (Formerly Sec. 38-300). Cancellation of insurance contract on default of insured.

Secs. 38a-171 to 38a-174.