Connecticut Administrative Code

Regulations of Connecticut State AgenciesSec. 38a-439-10. PurposeThe purpose of sections 38a-439-10 to 38a-439-15, inclusive, of the Regulations of Connecticut State Agencies, is to recognize, permit and prescribe the use of the 2001 Commissioners Standard Ordinary (CSO) Mortalit…

Regulations of Connecticut State AgenciesSec. 38a-439-11. DefinitionsAs used in sections 38a-439-10 to 38a-439-15, inclusive, of the Regulations of Connecticut State Agencies: (a) \"2001 CSO Mortality Table\" means that mortality table, consisting of separate rates of mortality f…

Regulations of Connecticut State AgenciesSec. 38a-439-12. 2001 CSO mortality table(a) At the election of the company for any one or more specified plans of insurance and subject to the conditions stated in section 38a-439-13 of the Regulations of Connecticut State Agencies, the 2…

Regulations of Connecticut State AgenciesSec. 38a-439-13. Conditions(a) For each plan of insurance with separate rates for smokers and nonsmokers an insurer may use: (1) Composite mortality tables to determine minimum reserve liabilities and minimum cash surrender values and amou…

Regulations of Connecticut State AgenciesSec. 38a-439-14. Gender-blended tables(a) For any ordinary life insurance policy delivered or issued for delivery in this state after April 1, 2005 that utilizes the same premium rates and charges for male and female lives or is issued in …

Regulations of Connecticut State AgenciesSec. 38a-439-15. SeparabilityIf any provision of sections 38a-439-10 to 38a-439-14, inclusive, of the Regulations of Connecticut State Agencies or its application to any person or circumstance is for any reason held to be invalid, the rema…

Regulations of Connecticut State AgenciesSec. 38a-439-2. DefinitionsAs used in Sections 38a-439-3 and 38a-439-4:(a) \"1980 CSO Table, with or without Ten-Year Select Mortality Factor\" means that mortality table, consisting of separate rates of mortality for male and female lives…

Regulations of Connecticut State AgenciesSec. 38a-439-3. Alternate tables(a) For any policy of insurance delivered or issued for delivery in this state on or after the date of election pursuant to Section 38a-439 (e) (11) of the General Statutes for that policy form, but prior to…

Regulations of Connecticut State AgenciesSec. 38a-439-4. ConditionsFor each plan of insurance with separate rates for smokers and nonsmokers, an insurer may: (a) use composite mortality tables to determine minimum cash surrender values and amounts of paid-up nonforfeiture benefit…

Regulations of Connecticut State AgenciesSec. 38a-439-5. PurposeThe purpose of Sections 38a-439-6 to 38a-439-8, inclusive, is to permit individual life insurance policies to provide the same cash values and paid-up nonforfeiture benefits to both men and women. No change in minimu…

Regulations of Connecticut State AgenciesSec. 38a-439-6. DefinitionsAs used in Sections 38a-439-6 and 38a-439-7:(a) \"1980 CSO Table, with or without Ten-Year Select Mortality Factor\" means that mortality table, consisting of separate rates of mortality for male and female lives…

Regulations of Connecticut State AgenciesSec. 38a-439-7. Rule(a) For any policy of insurance on the life of either a male or female insured delivered or issued for delivery in this state on or after the date of election pursuant to Section 38a-439 (e) (11), a company may, for tha…

Regulations of Connecticut State AgenciesSec. 38a-439-8. Unfair discriminationIt shall not be a violation of Section 38a-815 of the Connecticut General Statutes for an insurer to issue the same kind of policy of life insurance on both a sex distinct and sex neutral basis. (Effect…

Regulations of Connecticut State AgenciesSec. 38a-439-9. 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 p…

Regulations of Connecticut State AgenciesSec. 38a-457-1. DefinitionsAs used in Sections 38a-457-1 to 38a-457-11, inclusive of the Regulations of Connecticut State Agencies: (a) ‘‘Accelerated Benefits’’ means benefits payable under a life insurance policy sold in this state: (1) d…

Regulations of Connecticut State AgenciesSec. 38a-457-10. ReservesAt the time of the filing of the policy form, the valuation method and assumptions need to be filed with the Commissioner. The assumptions should reflect the mortality and interest rate assumptions for life insuran…

Regulations of Connecticut State AgenciesSec. 38a-457-11. SeparabilityIf any provision of this regulation or the applicability thereof to any person or circumstance is held to be invalid, the remainder of this regulation or the applicability of such provision to other persons or …

Regulations of Connecticut State AgenciesSec. 38a-457-2. Type of product(a) The risks insured under accelerated benefit riders and life insurance policies with accelerated benefit provisions shall be considered primarily mortality risks rather than morbidity risks; therefore, suc…

Regulations of Connecticut State AgenciesSec. 38a-457-3. Assignee beneficiaryPrior to the payment of the accelerated benefit, the insurer shall receive from any assignee or irrevocable beneficiary a signed acknowledgement of concurrence for payout. (Effective October 23, 1992) AU…

Regulations of Connecticut State AgenciesSec. 38a-457-4. Criteria for paymentNo restriction shall be permitted on the use of the proceeds payable under an accelerated benefits policy. (Effective October 23, 1992) AUTHORITY: Conn. Gen. Stat. § 38a-457 AUTHORITY: Conn. Gen. Stat. §…

Regulations of Connecticut State AgenciesSec. 38a-457-5. Disclosures(a) Descriptive title. The face of every accelerated benefits policy shall contain the following: (1) a description of coverage which uses the terminology “accelerated”;(2) the following statement: “Benefits as s…

Regulations of Connecticut State AgenciesSec. 38a-457-6. Effective date of the accelerated benefitsThe accelerated benefit provision for accidents shall be effective on the effective date of the policy or rider. The accelerated benefit provision in the case of illness shall be ef…

Regulations of Connecticut State AgenciesSec. 38a-457-7. Waiver of premiumsThe accelerated benefit provision may or may not provide for the waiver of premium in the absence of a regular waiver of premium provision being in effect. At the time the benefit is claimed, the insurer s…

Regulations of Connecticut State AgenciesSec. 38a-457-8. DiscriminationInsurers shall not unfairly discriminate among insureds with similar qualifying events. Insurers shall not apply further conditions on the payment of the accelerated benefits other than those conditions specif…

Regulations of Connecticut State AgenciesSec. 38a-457-9. Actuarial standards(a) Financing options. (1) The insurer may require a premium charge or cost of insurance charge, or(2) The insurer may pay a present value of the face amount less any reasonable administrative expense cha…

Regulations of Connecticut State AgenciesSec. 38a-458-1. DefinitionsAs used in Sections 38a-458-1 to 38a-458-12, inclusive of the Regulations of Connecticut State Agencies: (a) ‘‘Long-term care benefits’’ mean:(1) benefits as defined under Sections 38a-501 and 38a-528 of the Conn…

Regulations of Connecticut State AgenciesSec. 38a-458-10. ReservesAt the time of filing of the policy form, the valuation method and assumptions shall be filed with the Insurance Department. The assumptions should reflect the statutory mortality and interest rate assumptions for …

Regulations of Connecticut State AgenciesSec. 38a-458-11. Other requirementsIn addition to the preceding and where not inconsistent with the preceding, long-term care benefits riders and life insurance policies with long-term care benefits provisions shall comply with the require…

Regulations of Connecticut State AgenciesSec. 38a-458-12. 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-458-2. Type of productThe risks insured under long-term care benefits riders, life insurance policies and annuity contracts with long-term care benefits provisions shall be considered primarily mortality risks rather than morbidit…

Regulations of Connecticut State AgenciesSec. 38a-458-3. Assignee/beneficiaryPrior to the payment of the long-term care benefits, the insurer shall receive from any assignee or irrevocable beneficiary a signed acknowledgement of concurrence for payout. (Effective April 27, 1992) …

Regulations of Connecticut State AgenciesSec. 38a-458-4. Restrictions on use of proceedsNo restrictions shall be permitted on the use of the long-term care benefits proceeds.(Effective April 27, 1992) AUTHORITY: Conn. Gen. Stat. § 38a-458 AUTHORITY: Conn. Gen. Stat. § 38a-458

Regulations of Connecticut State AgenciesSec. 38a-458-5. Disclosures(a) Descriptive title. The face of a policy providing long-term care benefits shall contain the following: (1) a description of coverage which uses the terminology ‘‘long-term care benefits’’;(2) the following st…

Regulations of Connecticut State AgenciesSec. 38a-458-6. Effective date of the long-term care benefitsThe long-term care benefits provision shall be effective on the effective date of the rider or policy. (Effective April 27, 1992) AUTHORITY: Conn. Gen. Stat. § 38a-458 AUTHORITY:…

Regulations of Connecticut State AgenciesSec. 38a-458-7. Waiver of premiumThe long-term care benefits provision may or may not provide for the waiver of premium in the absence of a regular waiver of premium provision being in effect. At the time that the benefits are claimed, the…

Regulations of Connecticut State AgenciesSec. 38a-458-8. DiscriminationInsurers shall not unfairly discriminate among insureds with respect to the eligibility for long-term care benefits. Insurers shall not apply further conditions on the payment of the long-term care benefits ot…

Regulations of Connecticut State AgenciesSec. 38a-458-9. Financing options; cash values; policy loans; death benefits(a) Financing options. (1) The insurer may require a premium charge or cost of insurance charge; or(2) The insurer may pay a present value of the face amount. The …

Regulations of Connecticut State AgenciesSec. 38a-459-1. Scope and applicationSections 38a-459-1 to 38a-459-9, inclusive, of the Regulations of Connecticut State Agencies prescribe the terms and conditions in this State under which life insurance companies may issue group annuity…

Regulations of Connecticut State AgenciesSec. 38a-459-10. Scope and applicationSections 38a-459-10 to 38a-459-20, inclusive, of the Regulations of Connecticut State Agencies prescribes rules for separate accounts that fund guaranteed minimum benefits under group contracts. In add…

Regulations of Connecticut State AgenciesSec. 38a-459-11. DefinitionsAs used in sections 38a-459-10 to 38a-459-20, inclusive, of the Regulations of Connecticut State Agencies: (1) \"Account assets\" means separate account assets plus any assets held in the general account or a su…

Regulations of Connecticut State AgenciesSec. 38a-459-12. Plan of operations requirements(a) A contract may not be delivered or issued for delivery in this state unless the issuing insurance company is licensed to do life insurance business in this state pursuant to section 38a-4…

Regulations of Connecticut State AgenciesSec. 38a-459-13. Contract provisions and filing requirements(a) A contract may not be delivered or issued for delivery in this state unless the contract satisfies the following requirements. The contract shall provide: (1) A description of…

Regulations of Connecticut State AgenciesSec. 38a-459-14. Asset maintenance requirements for market value separate accounts supporting contracts other than index contracts(a) An insurance company shall hold sufficient assets as a reserve in the general account, separate account, …

Regulations of Connecticut State AgenciesSec. 38a-459-15. Asset maintenance requirements for market value separate accounts supporting index contracts(a) An insurance company shall hold sufficient assets as a reserve in the general account, the separate account, or supplemental a…

Regulations of Connecticut State AgenciesSec. 38a-459-16. Asset maintenance requirements for separate account supporting book value contracts(a) An insurance company, at all times, shall hold sufficient assets in the general account, the separate account, or supplemental accounts…

Regulations of Connecticut State AgenciesSec. 38a-459-17. Actuarial opinion and memorandum(a) An insurance company that maintains any separate accounts governed by sections 38a-459-10 to 38a-459-20, inclusive, of the Regulations of Connecticut State Agencies shall submit an actua…

Regulations of Connecticut State AgenciesSec. 38a-459-18. Asset valuation reserve exemption for certain market value separate accountsWhen the insurance company values separate account or supplemental account assets at market value and complies with the asset maintenance requirem…

Regulations of Connecticut State AgenciesSec. 38a-459-19. Reserve valuation(a) Reserves for contracts funded by a market value separate account supporting contracts other than index contracts shall be an amount equal to the following: (1) The total reserve required to be maintain…

Regulations of Connecticut State AgenciesSec. 38a-459-2. DefinitionsAs used in sections 38a-459-1 to 38a-459-9, inclusive, of the Regulations of Connecticut State Agencies: (1) \"Account assets\" means the assets in the segregated portfolio plus any assets held in the general acc…

Regulations of Connecticut State AgenciesSec. 38a-459-20. SeverabilityIf any provision of sections 38a-459-10 to 38a-459-20, inclusive, of the Regulations of Connecticut State Agencies or its application to any person or circumstance is held to be invalid, the remainder of the re…