Connecticut Administrative Code

Regulations of Connecticut State AgenciesSec. 38a-78-21. PurposeThe purpose of Sections 38a-78-22 to 38a-78-24, inclusive, of the Regulations of Connecticut State Agencies is to recognize the following mortality tables for use in determining the minimum standard of valuation for …

Regulations of Connecticut State AgenciesSec. 38a-78-22. DefinitionsAs used in Sections 38a-78-23 and 38a-78-24 of the Regulations of Connecticut State Agencies: (a) ‘‘1983 Table ‘a’ ’’ means that mortality table developed by the Society of Actuaries Committee to Recommend a New …

Regulations of Connecticut State AgenciesSec. 38a-78-23. Individual annuity or pure endowment contracts(a) Except as provided in subsections (b), (c) and (d) of this section, the 1983 Table ‘‘a’’ is recognized and approved as an individual annuity mortality table for valuation an…

Regulations of Connecticut State AgenciesSec. 38a-78-23a. Application of the 2012 IAR TableIn using the 2012 IAR Table, the mortality rate for a person age x in year (2012 + n) is calculated as follows: The resulting qx 2012+n shall be rounded to three decimal places per 1,000, e…

Regulations of Connecticut State AgenciesSec. 38a-78-24. Group annuity or pure endowment contracts(a) Except as provided in subsections (b) and (c) of this section, the 1983 GAM Table, the 1983 Table \"a\" and the 1994 GAR Table are recognized and approved as group annuity mortal…

Regulations of Connecticut State AgenciesSec. 38a-78-25. SeparabilityIf any provision of this Regulation or the application thereof to any person or circumstances 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-78-26. PurposeThe purpose of sections 38a-78-26 to 38a-78-30, inclusive, of the Regulations of Connecticut State Agencies is to recognize, permit and prescribe the use of the 2001 Commissioners Standard Ordinary (CSO) Mortality Ta…

Regulations of Connecticut State AgenciesSec. 38a-78-27. DefinitionsAs used in sections 38a-78-26 to 38a-78-30, inclusive, of the Regulations of Connecticut State Agencies: (a) \"2001 CSO Mortality Table\" means that mortality table, consisting of separate rates of mortality for …

Regulations of Connecticut State AgenciesSec. 38a-78-28. 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-78-29 of the Regulations of Connecticut State Agencies, the 200…

Regulations of Connecticut State AgenciesSec. 38a-78-29. 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 amoun…

Regulations of Connecticut State AgenciesSec. 38a-78-3. Applicability and scopeSections 38a-78-1 to 38a-78-9, inclusive, of the Regulations of Connecticut State Agencies shall apply to all life insurance companies and fraternal benefit societies doing business in this state and t…

Regulations of Connecticut State AgenciesSec. 38a-78-30. SeparabilityIf any provision of sections 38a-78-26 to 38a-78-29, 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 remaind…

Regulations of Connecticut State AgenciesSec. 38a-78-31. PurposeThe purpose of sections 38a-78-31 to 38a-78-35, inclusive, of the Regulations of Connecticut State Agencies is to recognize, permit and prescribe the use of mortality tables that reflect differences in mortality betw…

Regulations of Connecticut State AgenciesSec. 38a-78-32. DefinitionsAs used in sections 38a-78-31 to 38a-78-35, inclusive, of the Regulations of Connecticut State Agencies: (1) \"2001 CSO Mortality Table\" means that mortality table, consisting of separate rates of mortality for …

Regulations of Connecticut State AgenciesSec. 38a-78-33. 2001 CSO preferred class mortality tableAt the election of the company, for each calendar year of issue, for any one or more specified plans of insurance and subject to satisfying the conditions stated in section 38a-78-34 …

Regulations of Connecticut State AgenciesSec. 38a-78-34. Conditions(a) For each plan of insurance with separate rates for Preferred and Standard Nonsmokers lives, an insurer may use the Super Preferred Nonsmokers, Preferred Nonsmokers, and Residual Standard Nonsmokers mortality t…

Regulations of Connecticut State AgenciesSec. 38a-78-35. SeparabilityIf any provision of sections 38a-78-31 to 38a-78-34, 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 remaind…

Regulations of Connecticut State AgenciesSec. 38a-78-36. AuthorityThis regulation is promulgated by the Insurance Commissioner pursuant to section 38a-78 of the Connecticut General Statutes. (Adopted effective April 2, 2009) AUTHORITY: Conn. Gen. Stat. § 38a-78 AUTHORITY: Conn. G…

Regulations of Connecticut State AgenciesSec. 38a-78-37. ScopeThis section applies to preneed insurance contracts, as defined in section 38a-78-39 of the Regulations of Connecticut State Agencies, and to similar policies and certificates. (Adopted effective April 2, 2009) AUTHORI…

Regulations of Connecticut State AgenciesSec. 38a-78-38. PurposeThe purpose of this regulation is to establish for preneed insurance products minimum mortality standards for reserves and nonforfeiture values, and to require the use of the 1980 Commissioners Standard Ordinary (CSO…

Regulations of Connecticut State AgenciesSec. 38a-78-39. DefinitionsAs used in Sections 38a-78-36 to 38a-78-44, inclusive of the Regulations of Connecticut State Agencies: (1) The term \"2001 CSO Mortality Table\" means that mortality table, consisting of separate rates of mortal…

Regulations of Connecticut State AgenciesSec. 38a-78-4. DefinitionsAs used in sections 38a-78-1 to 38a-78-9, inclusive of the Regulations of Connecticut State Agencies: (a) \"Actuarial Opinion\" means the opinion of an appointed actuary regarding the adequacy of the reserves and …

Regulations of Connecticut State AgenciesSec. 38a-78-40. Minimum valuation mortality standardsFor preneed insurance contracts and similar policies and contracts, the minimum mortality standard for determining reserve liabilities and non-forfeiture values for both male and female …

Regulations of Connecticut State AgenciesSec. 38a-78-41. Minimum valuation interest rate standards(a) The interest rates used in determining the minimum standard for valuation of preneed insurance shall be the calendar year statutory valuation interest rates as defined in section…

Regulations of Connecticut State AgenciesSec. 38a-78-42. Minimum valuation method standards(a) The method used in determining the standard for the minimum valuation of reserves of preneed insurance shall be the method defined in section 38a-78 of the Connecticut General Statutes.…

Regulations of Connecticut State AgenciesSec. 38a-78-43. Transition rules(a) For preneed insurance policies issued on or after the effective date of this regulation and before January 1, 2012, the 2001 CSO may be used as the minimum standard for reserves and minimum standard for …

Regulations of Connecticut State AgenciesSec. 38a-78-44. Effective dateThis regulation is applicable to preneed insurance policies and certificates and similar contracts and certificates issued on or after January 1, 2009. (Adopted effective April 2, 2009) AUTHORITY: Conn. Gen. S…

Regulations of Connecticut State AgenciesSec. 38a-78-5. General requirements(a) Submission of Statement of Actuarial Opinion. (1) There is to be included on or attached to page 1 of the annual statement for each year beginning with the year in which this regulation becomes effect…

Regulations of Connecticut State AgenciesSec. 38a-78-6. (Repealed) Repealed December 23, 2008. AUTHORITY: Conn. Gen. Stat. § 38a-78 AUTHORITY: Conn. Gen. Stat. § 38a-78

Regulations of Connecticut State AgenciesSec. 38a-78-7. Statement of actuarial opinion based on an asset adequacy analysis(a) General Description. The statement of actuarial opinion submitted in accordance with this section shall consist of (1) a paragraph identifying the appoint…

Regulations of Connecticut State AgenciesSec. 38a-78-8. (Repealed) Repealed December 23, 2008. AUTHORITY: Conn. Gen. Stat. § 38a-78 AUTHORITY: Conn. Gen. Stat. § 38a-78

Regulations of Connecticut State AgenciesSec. 38a-78-9. Description of an actuarial memorandum including an asset adequacy analysis and a regulatory asset adequacy issues summary(a) General. (1) In accordance with subsection (b) of section 38a-78 of the Standard Valuation Law, th…

Regulations of Connecticut State AgenciesSec. 38a-782a-1. DefinitionsAs used in sections 38a-782a-1 to 38a-782a-17, inclusive, of the Regulations of Connecticut State Agencies: (1) \"Audit\" means: (A) department or designee activity to monitor the offering of courses or examinat…

Regulations of Connecticut State AgenciesSec. 38a-782a-10. Carryover creditTwenty-four hours of continuing education credits may be carried over from one biennium to the next. (Adopted effective February 1, 1998; Amended February 1, 2000; Amended January 13, 2022) AUTHORITY: Conn…

Regulations of Connecticut State AgenciesSec. 38a-782a-11. Advisory boardThe commissioner shall appoint an advisory board to recommend reasonable rules to the commissioner for promulgation of regulations pursuant to section 38a-782a of the Connecticut General Statutes. The commis…

Regulations of Connecticut State AgenciesSec. 38a-782a-12. ExtensionExcept in the case of a licensed insurance producer who is unable to comply with the continuing education requirements of sections 38a-782a-1 to 38a-782a-17, inclusive, of the Regulations of Connecticut State Age…

Regulations of Connecticut State AgenciesSec. 38a-782a-13. Exemptions(a) Producers who seek reinstatement of their license within one year after the license expiration date shall be required to complete any deficient continuing education credit hours for the previous biennium and…

Regulations of Connecticut State AgenciesSec. 38a-782a-14. Failure to comply(a) Failure of a producer to satisfy the requirements of this regulation by the last day of the biennium applicable to such producer by obtaining the continuing education credits required by sections 38a-…

Regulations of Connecticut State AgenciesSec. 38a-782a-15. Appeals(a) The commissioner shall provide, pursuant to section 38a-19 of the Connecticut General Statutes, a reasonable means whereby any person aggrieved by the action of the commissioner with respect to the enforcement …

Regulations of Connecticut State AgenciesSec. 38a-782a-16. Sanctions(a) The commissioner may deny, suspend or revoke approval of a sponsor or course if the sponsor, instructor or course is not in compliance with sections 38a-782a-1 to 38a-782a-17, inclusive, of the Regulations of…

Regulations of Connecticut State AgenciesSec. 38a-782a-17. Hearing costsThe cost for the transcript of any hearing resulting from the failure of a producer to successfully complete the continuing education requirements, or requested by a producer or sponsor aggrieved by a decisio…

Regulations of Connecticut State AgenciesSec. 38a-782a-18. Effective dateSections 38a-782a-1 through 38a-782a-17, inclusive, of the Regulations of Connecticut State Agencies shall take effect on February 1, 1998. (Adopted February 1, 1998) AUTHORITY: Conn. Gen. Stat. § 38a-782a A…

Regulations of Connecticut State AgenciesSec. 38a-782a-2. Requirements for licensees(a) Every resident and nonresident producer shall furnish evidence to the commissioner in a manner prescribed by the commissioner that the continuing education requirements of this regulation have…

Regulations of Connecticut State AgenciesSec. 38a-782a-3. Administration of continuing education(a) The commissioner may contract with a competent person to (1) review sponsor qualifications, course content and credit hours assignment for continuing education courses; (2) record …

Regulations of Connecticut State AgenciesSec. 38a-782a-4. Sponsor responsibilities(a) Each sponsor of a continuing education course shall submit an application to the department or its designee on a form prescribed by the commissioner, including the name and address of the applic…

Regulations of Connecticut State AgenciesSec. 38a-782a-5. Course approval(a) Each course shall be approved by the commissioner prior to the initial course offering, and before any advertisement of, or solicitation for, the course is effected. It is the sponsor's responsibility to…