Title 38a, Title 38a: Insurance

Sec. 38a-156g. Restrictions on stock offerings and stock ownership. (a)(1) Until six months after the completion of an initial public offering, private equity placement or the first issuance of public or private stock or securities convertible into voting stock of a reorganized i…

Sec. 38a-156h. Merger or consolidation of mutual holding companies. Effect on pending court action or proceeding. (a) Two or more mutual holding companies, at least one of which is a domestic company, may merge or consolidate under the laws of any state into a mutual holding comp…

Sec. 38a-156i. Reorganization of domestic mutual insurer with existing domestic or foreign mutual holding company. (a) A domestic mutual insurer may reorganize with an existing domestic or foreign mutual holding company, in which case the plan of reorganization of the domestic mu…

Sec. 38a-156j. Conversion of domestic mutual holding company to domestic stock corporation. Plan of conversion. Approval. Prohibited fees, commission or other consideration. (a) A domestic mutual holding company may convert to a domestic stock corporation pursuant to a plan of co…

Sec. 38a-156k. Proceedings and actions. (a)(1) For a period of ten years from the effective date of a plan of reorganization under section 38a-156a, if any proceedings are brought under chapter 704c or pursuant to such plan of reorganization, naming as a party a domestic stock in…

Sec. 38a-156l. Confidentiality of information, documents and copies related to reorganization, merger, consolidation or conversion. All information, documents and copies of such information and documents obtained by or disclosed to the commissioner or any other person in the cour…

Sec. 38a-156m. Regulations. The commissioner may adopt regulations in accordance with the provisions of chapter 54 to implement the provisions of sections 38a-156a to 38a-156l, inclusive. (P.A. 14-123, S. 14.) History: P.A. 14-123 effective June 6, 2014.

Sec. 38a-156r. Definitions. As used in this section and sections 38a-156s to 38a-156z, inclusive: (1) “Capital” means the capital stock component of statutory surplus, as defined in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, ve…

Sec. 38a-156s. Division of domestic insurer. Plan of division. Amendment and abandonment. (a) Any domestic insurer may, in accordance with the requirements of sections 38a-156r to 38a-156z, inclusive, divide into two or more resulting insurers pursuant to a plan of division. (b) …

Sec. 38a-156t. Plan of division. Approval by interest holders and governors. (a) Except as provided in subsection (b) or (c) of this section, a domestic insurer shall not file a plan of division with the commissioner unless such plan has been approved in accordance with: (1) All …

Sec. 38a-156u. Plan of division. Approval by commissioner. Notice and hearing. Certificate of approval. (a) A division shall not become effective until it is approved by the commissioner after reasonable notice and a public hearing, if such notice and hearing are deemed by the co…

Sec. 38a-156v. Certificate of division. (a) After a plan of division has been adopted and approved under sections 38a-156r to 38a-156u, inclusive, an officer or duly authorized representative of the dividing insurer shall sign a certificate of division. (b) The certificate of div…

Sec. 38a-156w. Effect of division. (a) When a division becomes effective pursuant to subsection (d) of section 38a-156v: (1) If the dividing insurer has survived the division: (A) It continues to exist; (B) its public organic document, if any, shall be amended as provided in the …

Sec. 38a-156x. Responsibility and liability of resulting insurers. (a) Except as provided in this section, when a division becomes effective, a resulting insurer is responsible: (1) Individually for the policies and other liabilities the resulting insurer issues, undertakes or in…

Sec. 38a-156y. Appraisal rights. (a) A shareholder of a dividing insurer is entitled to appraisal rights and to obtain payment of the fair value of that shareholder's shares, pursuant to sections 33-855 to 33-868, inclusive, if the dividing insurer is a business corporation. (b) …

Sec. 38a-156z. Regulations. The commissioner may adopt such regulations, in accordance with chapter 54, as are necessary to carry out the provisions of sections 38a-156r to 38a-156y, inclusive. (P.A. 17-2, S. 9.)

Secs. 38a-157 to 38a-159. Reserved for future use. PART VII INSURANCE PREMIUM FINANCE COMPANIES

Sec. 38a-160. (Formerly Sec. 38-290). Exceptions. The provisions of sections 38a-160 to 38a-170, inclusive, shall not apply with respect to (a) any insurance company licensed to do business in this state, or (b) any state bank and trust company, savings bank, savings and loan ass…

Sec. 38a-161. (Formerly Sec. 38-291). Definitions. The following terms as used in sections 38a-160 to 38a-170, inclusive, unless the context otherwise requires, or a different meaning is specifically prescribed, shall have the following meanings: (1) “Insurance premium finance co…

Sec. 38a-162. (Formerly Sec. 38-292). License required. Expiration. Fee. Required information. (a) No person shall engage in the business of financing insurance premiums, secured by any insurance premium finance agreement, in this state without having first obtained from the comm…

Sec. 38a-163. (Formerly Sec. 38-293). Application for license. Investigation. Hearing on license denial. Issuance or renewal. (a) Each applicant for an insurance premium finance company license or for any renewal of such license shall file with the commissioner a written applicat…

Sec. 38a-164. (Formerly Sec. 38-294). Revocation, suspension or refusal to renew license. Hearing. Fine. Petition to show cause. (a) The commissioner may revoke, suspend or refuse to renew the license of any insurance premium finance company if after investigation it appears to t…

Sec. 38a-165. (Formerly Sec. 38-295). Records of licensee. (a) Every licensee under sections 38a-160 to 38a-170, inclusive, shall maintain records of his insurance premium financing transactions and such records shall be open to examination and investigation by the commissioner. …

Sec. 38a-166. (Formerly Sec. 38-296). Regulations. The commissioner may promulgate such reasonable regulations as he deems necessary to carry out the provisions of sections 38a-160 to 38a-170, inclusive, and to establish the manner in which licensees under said sections shall con…

Sec. 38a-167. (Formerly Sec. 38-297). Insurance premium finance agreement requirements. (a) Every insurance premium finance agreement shall (1) be dated, signed by or on behalf of the insured, and the printed portion thereof shall be in at least eight-point type; (2) contain the …

Sec. 38a-168. (Formerly Sec. 38-298). Service charge. (a) No insurance premium finance company shall charge, contract for, receive or collect any service charge in respect of any consumer insurance premium finance agreement except as permitted under the provisions of subsection (…

Sec. 38a-169. (Formerly Sec. 38-299). Delinquency charge. Any insurance premium finance agreement may provide for the payment by the insured of a delinquency charge of not more than five per cent of any installment, due under such agreement, which is delinquent by five days or mo…

Sec. 38a-170. (Formerly Sec. 38-300). Cancellation of insurance contract on default of insured. (a) When an insurance premium finance agreement contains a power of attorney enabling the insurance premium finance company to cancel any insurance contract or contracts listed in the …

Sec. 38a-41. (Formerly Sec. 38-20). Authority to do business. Licensure. Revocation or refusal to renew license. Fines. Company owned by a state or foreign nation or company controlled by insureds not to be issued license. Appeals. Plan of operations. Type of business to be condu…

Sec. 38a-41a. Certificate authorizing formation of insurance company or health care center. Information required by commissioner. Costs. (a) A certificate authorizing the formation of a corporation to transact the business of an insurance company or a health care center shall be …

Sec. 38a-42. (Formerly Sec. 38-20b). Contracts with life, accident or health insurance producers. (a) Except as provided in subsection (b) of this section, no insurance company shall enter into any contract of remuneration with any life or accident and health insurance producer w…

Sec. 38a-43. (Formerly Sec. 38-22). Certain insurance companies and health care centers may be prohibited from transacting business in this state. Whenever it appears to the commissioner that permission to transact business within any state of the United States or within any fore…

Sec. 38a-44. (Formerly Sec. 38-64b). Notice to commissioner of intent to discontinue line of insurance. Any insurer licensed to do business in this state, or authorized to do business on a nonadmitted basis, which intends to discontinue offering or substantially reduce its writin…

Sec. 38a-45. (Formerly Sec. 38-29). Limitation on title insurance and mortgage guaranty insurance. No corporation shall insure or guarantee titles to real estate situated in this state except subject to and in accordance with all laws of this state relating to insurance or insura…

Sec. 38a-46. (Formerly Sec. 38-30). Writing of participating and nonparticipating insurance by domestic stock and mutual insurance companies. Any domestic insurance company, either mutual or having capital stock, empowered to write fire, marine, casualty, fidelity and surety or b…

Sec. 38a-47. (Formerly Sec. 38-53a). Payments by domestic insurance companies for expenditures of Insurance Department and amount appropriated to Office of Health Strategy from Insurance Fund. (a) All domestic insurance companies and other domestic entities subject to taxation un…

Sec. 38a-48. (Formerly Sec. 38-53b). *(See end of section for amended version and effective date.) Assessment of payments by domestic insurance companies. Adjustments. Penalty. Interest. Payments credited to Insurance Fund. Allocation of assessments. (a) On or before June thirtie…

Sec. 38a-49. (Formerly Sec. 38-51). Fraternal benefit societies and foreign or alien companies to reimburse state for costs of examination. All fraternal benefit societies and all foreign and alien insurance companies and other entities examined by the Insurance Commissioner shal…

Sec. 38a-50. (Formerly Sec. 38-52). Fraternal, foreign and alien life insurers to reimburse state for costs of valuation. All fraternal benefit societies and all foreign and alien life insurance companies and other foreign and alien life insurers whose policy or contract reserves…

Sec. 38a-51. (Formerly Sec. 38-53). Assessment of costs of examination and valuation. Payments credited to Insurance Fund. On or before August first, annually, the commissioner shall render to each insurance company or other entity liable to assessment under section 38a-49 or 38a…

Sec. 38a-52. (Formerly Sec. 38-54). Appeal from assessment. Any (1) domestic insurance company or other domestic entity aggrieved because of any assessment levied under section 38a-48, (2) fraternal benefit society or foreign or alien insurance company or other entity aggrieved b…

Sec. 38a-52a. Insurance Fund established. There is established a fund to be known as the “Insurance Fund”. The fund may contain any moneys required by law to be deposited in the fund and shall be held by the Treasurer separate and apart from all other moneys, funds and accounts. …

Sec. 38a-53. (Formerly Sec. 38-24). Requirements re filing of annual reports and financial statements. Late filing fee. Due date extensions. (a)(1) Each domestic insurance company or domestic health care center shall, annually, on or before the first day of March, submit to the c…

Sec. 38a-53a. Annual statement convention blank filing with the National Association of Insurance Commissioners. Financial statements and other information filing with the National Association of Insurance Commissioners. Each domestic, foreign and alien insurer authorized to tran…

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…