Connecticut Administrative Code

Regulations of Connecticut State AgenciesSec. 38a-432a-8. Producer training(a) A producer shall not solicit the sale of an annuity product unless the producer has adequate knowledge of the product to recommend the annuity and the producer is in compliance with the insurer’s stand…

Regulations of Connecticut State AgenciesSec. 38a-432a-Appendix A. APPENDIX AINSURANCE AGENT (PRODUCER) DISCLOSURE FOR ANNUITIESDo Not Sign Unless You Have Read and Understand the Information in this FormDate: ________________________INSURANCE AGENT (PRODUCER) INFORMATION (“Me”, …

Regulations of Connecticut State AgenciesSec. 38a-432b-1. Definitions and scope(a) For purposes of this regulation, “insurance producer” means a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance, including annuities. (b) This regu…

Regulations of Connecticut State AgenciesSec. 38a-432b-2. Prohibited uses of senior-specific certifications and professional designations(a) It is a prohibited practice in the business of insurance, and constitutes cause for the suspension or revocation of insurance licenses or f…

Regulations of Connecticut State AgenciesSec. 38a-432b-3. Qualified certifying or designating organizationsAn insurance producer may use a certification or professional designation issued by a certifying or designating organization where (1) such certification or designation does…

Regulations of Connecticut State AgenciesSec. 38a-432b-4. Determining factors(a) In determining whether a combination of words or an acronym standing for a combination of words constitutes a certification or professional designation indicating or implying that a person has specia…

Regulations of Connecticut State AgenciesSec. 38a-433-1. AuthoritySections 38a-433-2 to 38a-433-11, inclusive, applicable to variable life insurance policies, Sections 38a-433-12 to 38a-433-22, inclusive, applicable to Modified Guaranteed Annuities and Sections 38a-433-23 to 38a-…

Regulations of Connecticut State AgenciesSec. 38a-433-10. Qualification of agents for the sale of variable life insurance(a) Qualification to sell variable life insurance.(1) No person may sell or offer for sale in this state any variable life insurance policy unless such person …

Regulations of Connecticut State AgenciesSec. 38a-433-11. SeparabilityIf any provision of this regulation or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the regulation and the application of such provision to other …

Regulations of Connecticut State AgenciesSec. 38a-433-12. Applicability and scopeThis regulation shall apply to:(1) The qualifications of agents to be authorized to sell Modified Guaranteed Annuity contracts in this state; (2) the qualification of insurers to be authorized to iss…

Regulations of Connecticut State AgenciesSec. 38a-433-13. DefinitionsAs used in Sections 38a-433-12a to 38a-433-21, inclusive:(a) \"Modified Guaranteed Annuity\" means a deferred annuity contract, the underlying assets of which are held in a separate account, and the values of wh…

Regulations of Connecticut State AgenciesSec. 38a-433-14. Authority of insurersThe following requirements are applicable to all insurers either seeking authority to issue Modified Guaranteed Annuities in this state or having authority to issue Modified Guaranteed Annuities in thi…

Regulations of Connecticut State AgenciesSec. 38a-433-15. Filing of contractsNo Modified Guaranteed Annuity shall be delivered or issued for delivery to any person in this state, nor shall any application, rider or endorsement be used in connection therewith, until a copy of the …

Regulations of Connecticut State AgenciesSec. 38a-433-16. Modified guaranteed annuity contract requirements(a) Mandatory Contract Benefit and Design Requirements. (1) Any Modified Guaranteed Annuity contract delivered or issued for delivery in this state shall contain a statement…

Regulations of Connecticut State AgenciesSec. 38a-433-17. Reserve liabilitiesReserve liabilities for Modified Guaranteed Annuities shall be established in accordance with actuarial procedures that recognize: (a) that assets of the separate account are based on market values, (b) …

Regulations of Connecticut State AgenciesSec. 38a-433-18. Separate accountsThe following requirements apply to the establishment and administration of Modified Guaranteed Annuity separate accounts by any domestic insurer: (a) Establishment and Administration of Separate Accounts.…

Regulations of Connecticut State AgenciesSec. 38a-433-19. Reports to policyholdersCompanies will annually provide their contractholders with a report showing both the account value and the cash surrender value. The report should clearly indicate that the account value is prior to…

Regulations of Connecticut State AgenciesSec. 38a-433-2. DefinitionsAs used in this regulation:(a) \"Affiliate\" of an insurer means any person, directly or indirectly, controlling, controlled by, or under common control with such insurer; any person who regularly furnishes inves…

Regulations of Connecticut State AgenciesSec. 38a-433-20. Foreign companiesIf the law or regulation in the place of domicile of a foreign company provides a degree of protection to the policyholders and the public which is substantially similar to that provided by these regulatio…

Regulations of Connecticut State AgenciesSec. 38a-433-21. Authorization of agentsNo person, corporation, partnership, or other legal entity may sell or offer for sale in this state any Modified Guaranteed Annuity contract unless licensed to sell variable annuities under the insur…

Regulations of Connecticut State AgenciesSec. 38a-433-22. SeparabilityIf any provision of this regulation or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the regulation and the application of such provision to other …

Regulations of Connecticut State AgenciesSec. 38a-433-23. Definitions(a) \"Modified Guaranteed Life Insurance Policy\" means an individual policy of life insurance, the underlying assets of which are held in a separate account, and the values of which are guaranteed if held for s…

Regulations of Connecticut State AgenciesSec. 38a-433-24. Authority of insurersThe following requirements are applicable to all insurers either seeking authority to issue Modified Guaranteed Life Insurance in this state or having authority to issue Modified Guaranteed Life Insura…

Regulations of Connecticut State AgenciesSec. 38a-433-25. Filing requirementsThe filing requirements applicable to Modified Guaranteed Life Insurance shall be those filing requirements otherwise applicable under existing statutes and regulations of this state with respect to indi…

Regulations of Connecticut State AgenciesSec. 38a-433-26. Policy requirements(a) Mandatory Policy Benefit and Design Requirements. Modified Guaranteed Life Insurance Policies delivered or issued for delivery in this state shall comply with the following minimum requirements. (1) …

Regulations of Connecticut State AgenciesSec. 38a-433-27. Reserve liabilitiesReserve liabilities for Modified Guaranteed Life Insurance Policies shall be established in accordance with actuarial procedures that recognize: (1) that assets of the separate account are based on marke…

Regulations of Connecticut State AgenciesSec. 38a-433-28. Separate accountsThe following requirements apply to the establishment and administration of Modified Guaranteed Life Insurance separate accounts by any domestic insurer: (a) Establishment and Administration of Separate Ac…

Regulations of Connecticut State AgenciesSec. 38a-433-29. Information furnished to applicantsAn insurer delivering or issuing for delivery in this state any Modified Guaranteed Life Insurance Policy shall deliver to the applicant for the policy, and obtain a written acknowledgmen…

Regulations of Connecticut State AgenciesSec. 38a-433-3. Qualification of insurer to issue variable life insuranceThe following requirements are applicable to all insurers either seeking authority to issue variable life insurance in this state or having authority to issue variabl…

Regulations of Connecticut State AgenciesSec. 38a-433-30. ApplicationsThe application for a Modified Guaranteed Life Insurance Policy shall contain: (1) immediately preceding the signature line, language denoting that amounts payable under the policy are subject to a market value…

Regulations of Connecticut State AgenciesSec. 38a-433-31. Reports to policyholdersAny insurer delivering or issuing for delivery in this state any Modified Guaranteed Life Insurance Policies shall mail to each Modified Guaranteed Life Insurance Policyholder at his or her last kno…

Regulations of Connecticut State AgenciesSec. 38a-433-32. Foreign companiesIf the law or regulation in the place of domicile of a foreign company provides a degree of protection to the policyholders and the public which is substantially similar to that provided by these regulatio…

Regulations of Connecticut State AgenciesSec. 38a-433-33. Authorization of agentsNo person, corporation, partnership, or other legal entity may sell or offer for sale in this state any Modified Guaranteed Life Insurance Policy unless licensed to sell variable life insurance or va…

Regulations of Connecticut State AgenciesSec. 38a-433-34. SeparabilityIf any provision of this regulation or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the regulation and the application of such provision to other …

Regulations of Connecticut State AgenciesSec. 38a-433-4. Insurance policy requirementsPolicy Qualification: The Commissioner shall not approve any variable life insurance form filed pursuant to this regulation unless it conforms to the requirements of this Section. (a) Filing of …

Regulations of Connecticut State AgenciesSec. 38a-433-5. Reserve liabilities for variable life insurance(a) Reserve liabilities for variable life insurance policies shall be established under the Standard Valuation Law in accordance with actuarial procedures that recognize the va…

Regulations of Connecticut State AgenciesSec. 38a-433-6. Separate accountsThe following requirements apply to the establishment and administration of variable life insurance separate accounts by any domestic insurer: (a) Establishment and administration of separate accounts: Any …

Regulations of Connecticut State AgenciesSec. 38a-433-7. Information furnished to applicantsAn insurer delivering or issuing for delivery in this state any variable life insurance policies shall deliver to the applicant for the policy, and obtain a written acknowledgement of rece…

Regulations of Connecticut State AgenciesSec. 38a-433-8. ApplicationsThe application for a variable life insurance policy shall contain:(1) a prominent statement that the death benefit may be variable or fixed under specified conditions; (2) a prominent statement that cash values…

Regulations of Connecticut State AgenciesSec. 38a-433-9. Reports to policyholdersAny insurer delivering or issuing for delivery in this state any variable life insurance policies shall mail to each variable life insurance policyholder at his or her last known address the followin…

Regulations of Connecticut State AgenciesSec. 38a-434-1. Guide for filing and approval (Repealed) Repealed June 11, 2014.(Effective September 25, 1992; Repealed June 11, 2014)Notes: For 2014 repeal, see Sec. 54 of Public Act 14-187. (June 11, 2014) AUTHORITY: Conn. Gen. Stat. § 3…

Regulations of Connecticut State AgenciesSec. 38a-435-1. Purpose and Scope(a) The purpose of sections 38a-435-1 to 38-435-8, inclusive, of the Regulations of Connecticut State Agencies is: (1) To regulate the activities of insurers and producers with respect to the replacement of…

Regulations of Connecticut State AgenciesSec. 38a-435-2. DefinitionsAs used in section 38a-435-1 to section 38a-435-8, inclusive, of the Regulations of Connecticut State Agencies: (1) “Commissioner” means the Insurance Commissioner.(2) “Contract” means an annuity contract.(3) “Di…

Regulations of Connecticut State AgenciesSec. 38a-435-3. Duties of Producers(a) A producer who initiates an application shall submit to the insurer, with or as part of the application, a statement signed by both the applicant and the producer as to whether the applicant has exist…

Regulations of Connecticut State AgenciesSec. 38a-435-4. Duties of Insurers that Use ProducersEach insurer that uses producers shall:(a) Maintain a system of supervision and control to ensure compliance with the requirements of sections 38a-435-1 to 38a-435-8, inclusive, of the R…

Regulations of Connecticut State AgenciesSec. 38a-435-5. Duties of Replacing Insurers that Use Producers(a) Where a replacement is involved in the transaction, the replacing insurer shall: (1) Verify that the required forms are received and are in compliance with sections 38a-435…

Regulations of Connecticut State AgenciesSec. 38a-435-6. Duties of the Existing InsurerWhere a replacement is involved in the transaction, the existing insurer shall:(1) Retain and be able to produce all replacement notifications received, indexed by replacing insurer, for at lea…

Regulations of Connecticut State AgenciesSec. 38a-435-7. Duties of Insurers with Respect to Direct Response Solicitations(a) In the case of an application that is initiated as a result of a direct response solicitation, the insurer shall require, with or as part of each completed…

Regulations of Connecticut State AgenciesSec. 38a-435-8. SeverabilityIf any section or portion of a section of this regulation, or its applicability to any person or circumstances, is held invalid by a court, the remainder of this regulation, or the applicability of its provision…

Regulations of Connecticut State AgenciesSec. 38a-439-1. PurposeThe purpose of Sections 38a-439-2 to 38a-439-4, inclusive, is to permit the use of mortality tables that reflect differences in mortality between smokers and nonsmokers in determining minimum cash surrender values an…