Title 38a — Title 38a: Insurance

Sec. 38a-89. Reinsurance agreements affected. Sections 38a-85 to 38a-88, inclusive, shall apply to reinsurance agreements which have had an inception, anniversary or renewal date not less than six months after January 1, 1991, with respect to all cessions under such agreements af…

Sec. 38a-90. Short title: Managing General Agents Act. Sections 38a-90 to 38a-90h, inclusive, may be cited as the “Managing General Agents Act”. (P.A. 91-262, S. 10, 19.)

Sec. 38a-90a. Definitions. As used in sections 38a-90 to 38a-90h, inclusive: (1) “Actuary” means a person who is a member in good standing of the American Academy of Actuaries. (2) (A) “Managing general agent” means any person, firm, association or corporation who manages all or …

Sec. 38a-90b. Licensing of managing general agents. (a) No person, firm, association or corporation shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless such person is licensed as a producer…

Sec. 38a-90c. Contractual agreement between insurer and managing general agent. Minimum provisions of the contract. No person, firm, association or corporation acting in the capacity of a managing general agent shall place business with an insurer unless there is in force a writt…

Sec. 38a-90d. Duties of the insurer. (a) The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each managing general agent with which it has done business. (b) If a managing general agent establishes loss reserves, the i…

Sec. 38a-90e. Acts of managing general agent considered to be acts of insurer. Examination of the managing general agent. The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as …

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. (a) If the commissioner finds after reasonable notice and hearing that the managing general …

Sec. 38a-90g. Regulations. The Insurance Commissioner may adopt such reasonable regulations as he deems necessary in accordance with chapter 54 to carry out the purposes of sections 38a-90 to 38a-90h, inclusive. (P.A. 91-262, S. 17, 19.)

Sec. 38a-90h. Utilization of managing general agent's services. Exceptions. No insurer may continue to utilize the services of a managing general agent on and after January 1, 1992, unless such utilization is in compliance with sections 38a-90 to 38a-90g, inclusive, or unless the…

Sec. 38a-91. Definitions. As used in sections 38a-91 to 38a-91d, inclusive: (1) “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to tim…

Sec. 38a-91a. Insurers affected. Sections 38a-91 to 38a-91d, inclusive, shall apply to licensed insurers either domiciled in this state or domiciled in a state that is not an accredited state having in effect a substantially similar law. All provisions of sections 38a-129 to 38a-…

Sec. 38a-91aa. Captive insurance companies. Definitions. As used in this section, sections 38a-91bb to 38a-91uu, inclusive, and sections 38a-91ww to 38-91yy, inclusive: (1) “Affiliated company” means any company in the same corporate system as a parent, an industrial insured or a…

Sec. 38a-91b. Controlled insurers. Applicability. Minimum provisions. (a)(1) The provisions of this section shall apply if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer by a controlling producer is equal to or gr…

Sec. 38a-91bb. Captive insurance companies. Licenses. Fees. (a) Any captive insurance company, when permitted by its articles of association, charter or other organizational document, may apply to the commissioner for a license to do the business of insurance against any kind of …

Sec. 38a-91c. Disclosure to insured by controlling producer. Exception. The controlling producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the controlling producer and the controlled ins…

Sec. 38a-91cc. Same or deceptively similar name prohibited. No captive insurance company shall adopt a name that is the same, deceptively similar or likely to be confused with or mistaken for any other existing business name registered in this state. (P.A. 08-127, S. 3.) History:…

Sec. 38a-91d. Noncompliance: Remedies allowed. (a)(1) If the commissioner believes that the controlling producer or any other person has not materially complied with sections 38a-91 to 38a-91d, inclusive, or any regulation or order promulgated hereunder, after notice and opportun…

Sec. 38a-91dd. Capital and surplus requirements. (a)(1) Except as provided in subdivision (3) of this subsection, the commissioner shall not issue a license to a captive insurance company or allow the company to retain such license unless the company has and maintains unimpaired …

Secs. 38a-91e to 38a-91j. Reserved for future use.

Sec. 38a-91ee. Payment of dividends and other distributions. (a) No captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the Insurance Commissioner. Approval of an ongoing plan for the payment…

Sec. 38a-91ff. Incorporation and formation. Transfer of domicile. (a) A pure captive insurance company may be incorporated as a stock insurer with its capital divided into shares and held by the stockholders, as a nonprofit corporation with one or more members or as a manager-man…

Sec. 38a-91gg. Annual reports. (a) Captive insurance companies shall not be required to make any annual report except as provided in sections 38a-91aa to 38a-91tt, inclusive. (b) (1) (A) Except as provided in subparagraph (B) of this subdivision, prior to March first of each year…

Sec. 38a-91hh. Examinations of captive insurance companies. Costs. Confidentiality of financial examination workpapers and reports. (a)(1) Except as provided in subdivision (3) of this subsection, the commissioner or the commissioner's designee shall, whenever the commissioner de…

Sec. 38a-91ii. Suspension, revocation or refusal to renew license. Amendment or modification of a special purpose financial captive insurance company's license. (a)(1) The commissioner may, at any time, for cause, suspend, revoke or refuse to renew any license of a captive insura…

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. (a) Association captive insurance companies and risk retention groups shall comply with the investm…

Sec. 38a-91k. Captive insurers: Information to be submitted to commissioner. Each captive insurer that is domiciled in another state and offers, renews or continues insurance in this state shall provide the information described in subdivisions (1) to (3), inclusive, of subsectio…

Sec. 38a-91kk. Reinsurance. (a) Any captive insurance company may assume reinsurance from any other insurer. (b) A captive insurance company may only take credit for the reinsurance of a risk or portion of risk ceded to reinsurers that comply with the provisions of sections 38a-8…

Secs. 38a-91l to 38a-91z. Reserved for future use.

Sec. 38a-91ll. Rating organization. No captive insurance company shall be required to join a rating organization. (P.A. 08-127, S. 12.) History: P.A. 08-127 effective January 1, 2009.

Sec. 38a-91mm. Guaranty association and insolvency fund exclusion. No captive insurance company may join or contribute financially to any plan, pool, association or guaranty or insolvency fund in this state, nor shall any such captive insurance company, or any insured or affiliat…

Sec. 38a-91nn. Direct premium receipts tax and assumed reinsurance premium receipts tax. Applicability of tax statutes. (a) Each captive insurance company shall pay to the Commissioner of Revenue Services, on or before March first of each year, a tax at the rate of (1) thirty-eig…

Sec. 38a-91oo. Applicability of insurance statutes. (a) Unless otherwise provided in sections 38a-91aa to 38a-91tt, inclusive, no provision of this title shall apply to captive insurance companies, unless expressly included therein, except for the following: (1) Sections 38a-8, 3…

Sec. 38a-91pp. Conversions and mergers. Approval by commissioner. (a) An association captive insurance company, risk retention group or industrial insured captive insurance company formed as a stock insurer or mutual corporation may be converted to or merged with and into a recip…

Sec. 38a-91qq. Regulations. The commissioner may adopt regulations, in accordance with chapter 54, as are necessary to carry out the provisions of sections 38a-91aa to 38a-91uu, inclusive, and sections 38a-91ww and 38a-91xx and to establish standards to ensure that a parent or af…

Sec. 38a-91rr. Establishment of protected cells and incorporated protected cells by a sponsored captive insurance company. Extent of obligations. Recourse. (a) Each sponsored captive insurance company may establish and maintain one or more protected cells, subject to the followin…

Sec. 38a-91ss. Additional requirements for a special purpose financial captive insurance company. (a) Not later than thirty days after the closing on the transactions for an insurance securitization, a special purpose financial captive insurance company shall submit to the commis…

Sec. 38a-91tt. Additional requirements for a sponsored captive insurance company licensed as a special purpose financial captive insurance company. (a) The provisions of this section shall apply to a sponsored captive insurance company licensed as a special purpose financial capt…

Sec. 38a-91uu. Dormant captive insurance company. Certificate of dormancy. Capital and surplus. (a) For the purposes of this section, unless the context otherwise requires: (1) “Dormant captive insurance company” means a pure captive insurance company, a sponsored captive insuran…

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. (a) A c…

Sec. 38a-91ww. Agency captive insurance companies. Corporate form. An agency captive insurance company may be incorporated as (1) a stock insurer with its capital divided into shares and held by the stockholders, (2) a nonprofit corporation with one or more members, or (3) a mana…

Sec. 38a-91xx. Agency captive insurance companies. Authority to do business. (a) No agency captive insurance company may transact insurance business in this state unless: (1) Each agent or producer that owns or controls the agency captive insurance company is, and remains, licens…

Sec. 38a-91yy. Conversion of protected cells and incorporated protected cells by a sponsored captive insurance company. (a)(1) Any sponsored captive insurance company, including a sponsored captive insurance company licensed as a special purpose financial captive insurance compan…

Sec. 38a-92. Financial Guaranty Insurance Act, generally. (a) Sections 38a-92 to 38a-92n, inclusive, shall apply to financial guaranty insurance corporations engaged in financial guaranty insurance transactions in this state. (b) Except as otherwise expressly provided in sections…

Sec. 38a-92a. Definitions. As used in sections 38a-41, 38a-72 and 38a-92 to 38a-92n, inclusive: (1) (A) “Financial guaranty insurance” means a surety bond, an insurance policy or, when issued by an insurer, an indemnity contract and any guaranty similar to the foregoing types, un…

Sec. 38a-92b. Licensing of financial guaranty insurance corporations. Reinsurance. (a) Each financial guaranty insurance corporation may transact financial guaranty insurance business in this state if licensed to do so by the commissioner. (b) A financial guaranty insurance corpo…

Sec. 38a-92c. Contingency reserves. (a) Each licensed financial guaranty insurance corporation shall establish and maintain a contingency reserve calculated in accordance with the accounting requirements of the National Association of Insurance Commissioners Accounting Practices …

Sec. 38a-92d. Reserves against unpaid losses and loss expense. (a) Each financial guaranty insurance corporation shall establish and maintain reserves against unpaid losses and loss expense. Such reserves shall be calculated in accordance with the accounting requirements of the N…

Sec. 38a-92e. Unearned premium reserve. Each licensed financial guaranty insurance corporation shall establish and maintain an unearned premium reserve calculated in accordance with the accounting requirements of the National Association of Insurance Commissioners Accounting Prac…

Sec. 38a-92f. Disclosures in prospectus or other offering document. Each licensed financial guaranty insurance corporation shall adopt procedures reasonably calculated to ensure, to the extent it is commercially feasible for the financial guaranty insurance corporation to do so, …