Title 38a — Title 38a: Insurance

Sec. 38a-54. Audited reports. (a) Each domestic insurance company, domestic health care center or domestic fraternal benefit society doing business in this state shall have an annual audit conducted by an independent certified public accountant and shall annually file an audited …

Sec. 38a-55. Hypothecation of assets. (a) No domestic insurer, domestic health care center or domestic fraternal benefit society may pledge, hypothecate or otherwise encumber its assets to secure the debt, guaranty or obligations of any other person without the prior written cons…

Sec. 38a-56. (Formerly Sec. 38-19). False returns to commissioner. Any person who wilfully makes any false report to the commissioner or testifies or affirms falsely to any material fact in any matter wherein an oath or affirmation is required or authorized or makes any false ent…

Sec. 38a-57. (Formerly Sec. 38-26a). Retention of records and assets in state. Each domestic insurance company shall maintain, within the state, such records as the commissioner may require and such portion of its assets as the commissioner may deem necessary for the purpose of a…

Sec. 38a-58. (Formerly Sec. 38-40). Change of location of domestic insurance company. Any domestic insurance company may change its location from one town to another within this state, notwithstanding any inconsistent provision in its charter. (1949 Rev., S. 6096; 1953, S. 2792d.…

Sec. 38a-58a. Transfer of domicile: By foreign insurance company to this state; by domestic insurance company to another state. Procedures. (a) Any insurer that is organized under the laws of any other state and is admitted to do business in this state for the purpose of writing …

Sec. 38a-58b. Definitions. As used in this section and sections 38a-58c to 38a-58g, inclusive: (1) “Alien insurer” has the same meaning as provided in section 38a-1; (2) “Authorized control level risk-based capital” means the number determined in accordance with the risk-based ca…

Sec. 38a-58c. Applicability of state laws to alien insurer's United States branch. Unless otherwise provided, all applicable state laws that apply to domestic insurers shall apply to a United States branch established in accordance with sections 38a-58d to 38a-58g, inclusive. (P.…

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. (a) An alien insurer may use this state as such insurer's state of entry through a United States branch to tr…

Sec. 38a-58e. Annual and quarterly statements by United States branch. (a) Not later than March first, annually, for an annual statement, and not later than May fifteenth, August fifteenth and November fifteenth, annually, for a quarterly statement, each United States branch shal…

Sec. 38a-58f. Issuance and renewal of United States branch license. Proceeding against United States branch. (a) Before issuing or renewing a United States branch's license under section 38a-58d, the commissioner may require satisfactory proof, in the alien insurer's charter or b…

Sec. 38a-58g. Domestication of alien insurer's United States branch. (a) An alien insurer whose United States branch is licensed under section 38a-58d may, with the prior written approval of the commissioner, domesticate its United States branch in accordance with the provisions …

Sec. 38a-59. (Formerly Sec. 38-42a). Change of name of domestic insurance company or domestic health care center with capital stock. An amendment to the certificate of incorporation of a domestic insurance company or a domestic health care center with capital stock that changes t…

Sec. 38a-60. (Formerly Sec. 38-27a). Continuity of management during national emergencies. (a) The board of directors of a domestic insurance company may at any time, and from time to time, by resolution or amendment to the company's bylaws, provide for an emergency management pl…

Sec. 38a-61. (Formerly Sec. 38-134). Limitation of use of power of attorney. No power of attorney to vote at any meeting of any licensed insurance company shall be used at more than one meeting of such corporation. No power of attorney may be voted later than thirty-six months fr…

Sec. 38a-62. (Formerly Sec. 38-27b). Indemnification of directors, officers and employees of mutual insurance companies. (a) Except as otherwise provided in this section, a domestic mutual insurance company shall indemnify any person who was or is a party, or was threatened to be…

Sec. 38a-63. Limitation of liability of director of mutual insurance company. (a) The personal liability of a director of a mutual insurance company to the company or its members for monetary damages for breach of duty as a director may be limited by the board to an amount that i…

Sec. 38a-64. (Formerly Sec. 38-41). Donations by domestic mutual companies. Each domestic mutual insurance company, in addition to all other powers specially granted to it by law, shall have power, subject to such provisions and limitations as may be contained in its charter, cer…

Sec. 38a-65. (Formerly Sec. 38-48). Disposition of unclaimed dividends of insolvent company. Section 38a-65 is repealed, effective October 1, 1998. (1949 Rev., S. 6051; 1961, P.A. 540, S. 25; P.A. 98-214, S. 32.)

Sec. 38a-66. Reinsurance of insurance business with other insurers by agreement of bulk reinsurance. (a) Any insurance company authorized to do business in this state may, with respect to subjects of insurance resident, located or to be performed in this state, reinsure all or su…

Sec. 38a-67. Reporting requirement for cancellations and revisions of ceded reinsurance agreements. (a) Every insurer domiciled in this state shall file a report with the commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellatio…

Sec. 38a-67a. Acquisitions and dispositions of assets, reporting requirement waived, when. Asset acquisitions and dispositions, defined. Information required to be disclosed. (a) No acquisitions or dispositions of assets need be reported pursuant to section 38a-67 if the acquisit…

Sec. 38a-67b. Nonrenewals, cancellations or revisions, reporting requirement waived, when. Information required to be disclosed. (a)(1) Nonrenewals, cancellations or revisions of ceded reinsurance agreements need not be reported pursuant to section 38a-67 if the nonrenewals, canc…

Sec. 38a-68. Reserved for future use. PART II* FINANCIAL REQUIREMENTS *Former chapter 681 cited. 219 C. 391.

Sec. 38a-69. Scope of provisions. Except as otherwise provided in this title, sections 38a-11, 38a-50, 38a-52, 38a-70 to 38a-76, inclusive, 38a-81 to 38a-83, inclusive, and 38a-153, and the regulations adopted to implement said sections apply to all insurers, including reinsurers…

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. (a) All financial analyses, financial examination wo…

Sec. 38a-70. Accounting standards. When adopting accounting rules and minimum valuation standards, the commissioner shall follow those accounting and valuation procedures and practices published in the National Association of Insurance Commissioners Accounting Practices and Proce…

Sec. 38a-71. Minimum asset requirements. Minimum capital and minimum surplus requirements. (a) As used in this section: (1) “Qualified assets” means: (A) Investments, securities, properties and loans permitted or authorized by law, and the income due thereon; (B) The net amount o…

Sec. 38a-72. (Formerly Sec. 38-93). Financial requirements to license an insurance company. (a) No property or casualty insurance company and no life insurance company shall be licensed initially to do business in this state unless the company complies with the following minimum …

Sec. 38a-72a. Regulations. The Insurance Commissioner shall adopt regulations, in accordance with chapter 54, to establish standards that will govern the reduction of liabilities or establishment of assets in the financial statements of life and accident and health insurers and p…

Sec. 38a-73. (Formerly Sec. 38-110). Limitation of risks. (a) No stock insurance company doing business in this state shall expose itself to loss on any one risk to an amount exceeding ten per cent of its paid-up capital and surplus; but, in determining the amount of such risk, n…

Secs. 38a-74 and 38a-75. (Formerly Secs. 38-94 and 38-95). Estimation of trusteed surplus. Appointment of trustees; examinations by commissioner. Sections 38a-74 and 38a-75 are repealed, effective June 6, 2014. (1949 Rev., S. 6100, 6101; 1951, S. 2825d, 2826d; P.A. 90-243, S. 48;…

Sec. 38a-76. (Formerly Sec. 38-25). Reserves. (a) Each insurance company transacting business in this state shall, at all times, maintain reserves equal in amount to its liability under all its policy contracts, as the same are computed in accordance with the provisions of the st…

Sec. 38a-77. (Formerly Sec. 38-130). Valuation of reserve. (a) The commissioner, upon receipt of the annual report of each domestic, foreign and alien life insurance company doing business in this state, as determined under subsection (b) of section 38a-76, shall make a valuation…

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. (a)(1)(A) The provisions of this subdivision shall appl…

Sec. 38a-78a. NAIC Valuation Manual. Operative date changes. Requirements. (a)(1) The operative date of the Valuation Manual, as defined in subsection (a) of section 38a-78, shall be January first of the first calendar year following the first July first as of which all of the fo…

Sec. 38a-79. (Formerly Sec. 38-26). Valuation of securities. Section 38a-79 is repealed. (1949 Rev., S. 6084; P.A. 90-243, S. 10; P.A. 94-39, S. 10.)

Sec. 38a-79a. Short title: Standard Valuation Law. Sections 38a-77, 38a-78 and 38a-78a shall be known as the “Standard Valuation Law”. (P.A. 91-175, S. 1; P.A. 14-195, S. 4.) History: P.A. 14-195 added reference to Sec. 38a-78a, effective June 12, 2014.

Sec. 38a-80. (Formerly Sec. 38-164). Premium reserve for health, accident and liability business. Each domestic, foreign and alien insurance company which, in this state, makes insurance upon the health of individuals or which, in this state, insures persons against bodily injury…

Sec. 38a-81. (Formerly Sec. 38-132). Sale of property taken for debts. In any case in which any domestic life insurance company has legally acquired, in payment of a debt previously contracted, any property, real or personal, situated in this state or elsewhere, such company may,…

Sec. 38a-82. (Formerly Sec. 38-133). Improvement of real estate. Domestic life insurance companies may improve any real estate obtained in conformity to law whether such estate is situated in this or any other state. (1949 Rev., S. 6153.) History: Sec. 38-133 transferred to Sec. …

Sec. 38a-83. (Formerly Sec. 38-43). Securities required by other states deposited with State Treasurer. (a) When any state requires insurance companies of other states to deposit with some officer of such other state securities in trust for policyholders of the companies as a pre…

Sec. 38a-84. (Formerly Sec. 38-47). Securities to be delivered to receiver. Whenever a receiver is appointed in this state of any insurance company which has deposited securities with the State Treasurer in trust for the policyholders of such company, the court to which such rece…

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

Sec. 38a-85a. Certification as a reinsurer. Regulations. (a)(1) To be eligible for certification by the commissioner as a reinsurer in this state for the purposes of section 38a-85, an assuming insurer shall: (A) Be domiciled and licensed to transact insurance or reinsurance in a…

Sec. 38a-86. Reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer. Regulations. (a) A credit for an asset or a reduction in liability shall be allowed for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the req…

Sec. 38a-87. Qualified United States financial institutions. For purposes of those provisions of sections 38a-85 to 38a-89, inclusive, specifying those institutions that are eligible to act as a fiduciary of a trust, “qualified United States financial institution” means an instit…

Sec. 38a-88. Regulations. (a) The commissioner shall adopt regulations in accordance with the provisions of chapter 54 to implement the provisions of sections 38a-85 to 38a-89, inclusive. (b) (1) The commissioner may adopt regulations in accordance with the provisions of chapter …

Sec. 38a-88a. Insurance business investments through fund managers. Invest CT funds. Tax credits. Regulations. (a) As used in this section: (1) “Facility” means an insurance business facility; (2) “Insurance business” means a business with a North American Industry Classification…

Sec. 38a-88b. Applicability of section 38a-88a. (a) The provisions of section 38a-88a of the general statutes, revision of 1958, revised to January 1, 1997, shall apply to any fund established prior to June 1, 1997, or to any fund which is formed on or after June 1, 1997, in conn…