Title 38a, Title 38a: Insurance

Sec. 38a-432b. Regulations concerning solicitation and sale of life insurance and annuities to senior citizens. Disciplinary action. (a) The Insurance Commissioner shall adopt regulations, in accordance with the provisions of chapter 54, to (1) prevent misleading and fraudulent m…

Sec. 38a-433. (Formerly Sec. 38-154a). Life insurance or annuities payable in fixed or variable amounts. Accumulation of funds pursuant to funding agreements. (a) A domestic life insurance company, including for the purposes of this section all domestic fraternal benefit societie…

Sec. 38a-434. (Formerly Sec. 38-155). Insurance against accident and disease. Any domestic insurance company empowered to make contracts contingent upon life may issue policies or certificates insuring persons against loss of life or personal injury resulting from any cause and a…

Sec. 38a-435. (Formerly Sec. 38-147a). Regulations re replacement of or borrowing on life insurance products, policies or contracts. The Insurance Commissioner may make regulations governing the sale or offer of sale of life insurance products, including annuities, when such sale…

Sec. 38a-436. (Formerly Sec. 38-157a). Notice of voidability of individual insurance contracts. Procedure. Time limit. Every individual life insurance policy delivered or issued for delivery to any person in this state shall have printed thereon or attached thereto a notice stati…

Sec. 38a-436a. Designation of third party to receive cancellation notices of individual life insurance policies. (a) Each insurer that delivers or issues for delivery an individual life insurance policy in this state on or after January 1, 2015, shall notify an applicant, in writ…

Sec. 38a-437. (Formerly Sec. 38-158). Copy of application to be furnished. (a) Each person within this state holding a policy of insurance issued by a life insurance company doing business in this state shall be furnished by the company with a copy of the application upon which t…

Sec. 38a-438. (Formerly Sec. 38-130b). Short title: Standard Nonforfeiture Law. Sections 38a-438 to 38a-440, inclusive, shall be known as the “Standard Nonforfeiture Law”. (P.A. 78-312, S. 1 P.A. 91-175, S. 3.) History: Sec. 38-130b transferred to Sec. 38a-438 in 1991; P.A. 91-17…

Sec. 38a-439. (Formerly Sec. 38-130c). Minimum nonforfeiture benefits for life insurance policyholders who default in premium payments. Cash surrender value. (a) In the case of policies issued on and after the effective date specified in accordance with the provisions of subsecti…

Sec. 38a-440. (Formerly Sec. 38-130d). Minimum nonforfeiture benefits for annuity contract holders upon cessation of payment of considerations under a contract. (a) This section shall not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferre…

Sec. 38a-441. (Formerly Sec. 38-159c). Notice to insured when life insurance policy paid up. Any insurance company doing the business of life insurance in this state which writes an individual life insurance policy delivered or issued for delivery in this state shall provide noti…

Sec. 38a-442. (Formerly Sec. 38-156). Dating back of policies prohibited. No policy of life insurance shall be issued or delivered in this state if it purports to be issued or to take effect as of a date more than six months before the application for the insurance was made if th…

Sec. 38a-443. (Formerly Sec. 38-147). Premium notes. A company may take premium notes, or give credit for part of its premiums, in accordance with its usual course of business. (1949 Rev., S. 6173.) History: Sec. 38-147 transferred to Sec. 38a-443 in 1991. Annotation to former se…

Sec. 38a-444. (Formerly Sec. 38-147b). Life insurance policy loans. Interest rate allowable. (a) For purposes of this section: (1) “Policy” means all contracts of life insurance which provide for policy loans, certificates insuring persons against loss of life issued by a fratern…

Sec. 38a-445. (Formerly Sec. 38-160). Deferring the granting of loans and surrender values. No policy of life or endowment insurance shall be issued or delivered in this state unless it contains a provision that the company may, at its option, defer the granting of any loan other…

Sec. 38a-446. (Formerly Sec. 38-149). Discrimination in favor of individuals prohibited. No life insurance company doing business in this state shall make or permit any distinction or discrimination in favor of individuals between insurants of the same class and expectation of li…

Sec. 38a-447. (Formerly Sec. 38-150). Discrimination against persons on the basis of race, sexual orientation, gender identity, status as a victim of domestic violence or erased criminal history record information prohibited. No life insurance company doing business in this state…

Sec. 38a-447a. Exclusion of coverage on the basis of naloxone prescription prohibited. Notwithstanding any provision of the general statutes, no life insurance or annuity policy or contract shall be delivered, issued for delivery, renewed or continued in this state that excludes …

Secs. 38a-448 and 38a-449. (Formerly Secs. 38-151 and 38-152). Affidavit of examining physician. Sections 38a-448 and 38a-449 are repealed. (1949 Rev., S. 6141, 6142; P.A. 92-60, S. 28.)

Sec. 38a-450. (Formerly Sec. 38-159). Certain corporations and associations may be made beneficiaries. Any life insurance company doing business within the state may issue policies of insurance predicated upon the life or lives of any person or persons, payable at maturity to any…

Sec. 38a-451. (Formerly Sec. 38-159a). Trustee as beneficiary of policy. (a) Unless prohibited by the policy there may be designated, as beneficiary of any policy issued by any life insurance company, the trustee of a trust to be created in and by the last will of the insured or …

Sec. 38a-452. (Formerly Sec. 38-159b). Payment of interest on life insurance death benefits. (a) In the event an action to recover the proceeds due under a life insurance policy or annuity contract is commenced and results in a judgment against the insurer, interest thereon shall…

Sec. 38a-453. (Formerly Sec. 38-161). Rights of creditors of insured against beneficiary. (a) The beneficiary of any life insurance policy, being a person other than the insured, whether named as beneficiary in the original policy or subsequently named as beneficiary in accordanc…

Sec. 38a-454. (Formerly Sec. 38-162). Proceeds of insurance policies and annuities may be held in trust. Any domestic life insurance company shall have power to hold the proceeds of any policy issued by it under a trust or other agreement upon such terms and restrictions as to re…

Sec. 38a-455. Assignment of incidents of ownership under group life policy. Any person whose life is insured under any policy of group life insurance is permitted to make an assignment of all or any part of his incidents of ownership in such insurance, including, without limitati…

Sec. 38a-456. Notice of cancellation or discontinuation of group life insurance coverage. Penalty. (a) Any individual, partnership, corporation or unincorporated association providing group life insurance coverage for its employees shall furnish each insured employee, upon cancel…

Sec. 38a-457. Accelerated benefits of life insurance policies. (a) As used in this section: (1) “Accelerated benefits” means benefits payable under a life insurance policy sold in this state: (A) During the lifetime of the insured, in a lump sum or in periodic payments, as specif…

Sec. 38a-458. Life insurance policies and annuities providing long-term care benefits. Regulations. (a) Provided such company is licensed for both life and health insurance in this state, any life insurance company doing business in this state may issue life insurance policies or…

Sec. 38a-458a. Option for certain insurers to combine long-term care coverage with certain life, endowment or annuity coverages. Section 38a-458a is repealed, effective October 1, 2013. (P.A. 00-34, S. 2; P.A. 13-280, S. 2.)

Sec. 38a-459. (Formerly Sec. 38-33a). Funding agreements by domestic life insurance companies. Establishment of companies' obligations. Segregation of moneys. (a) Notwithstanding any inconsistent provision in its charter, any domestic life insurance company may enter into written…

Sec. 38a-460. Accumulation fund arrangements. Definition. (a) Any domestic life insurance company may provide accumulation fund arrangements in connection with the making of any life insurance contract or annuity contract, including any contract that makes life insurance or annui…

Secs. 38a-461 to 38a-463. Reserved for future use. PART II BURIAL CONTRACTS

Sec. 38a-464. (Formerly Sec. 38-32). Burial contracts; license from Insurance Commissioner. A “burial contract” or “burial certificate”, within the meaning of this section, is any instrument in writing whereby any person, firm, corporation or association, in consideration of the …

Sec. 38a-465. Definitions. As used in sections 38a-465 to 38a-465q, inclusive, and subdivision (21) of section 38a-816: (1) “Advertisement” means any written, electronic or printed communication or any communication by means of recorded telephone messages or transmitted on radio,…

Sec. 38a-465a. Licensing of life settlement providers and brokers. (a) Except as otherwise provided in this part, no person shall act as a provider or broker until the person is licensed by the commissioner pursuant to this section. (b) Any applicant for a license as a provider o…

Sec. 38a-465b. Denial, suspension or revocation of license. Refusal to renew license. Appeals. (a) The commissioner may deny a license application, or suspend, revoke or refuse to renew the license of any licensee if the commissioner determines that: (1) There was a material misr…

Sec. 38a-465c. Contract form and disclosure statements. Filing and approval requirements. Disclosure of life settlement contract availability and lawful assignment not to be prohibited. (a) No person shall use any form of life settlement contract or disclosure statement in this s…

Sec. 38a-465d. Annual statements. Penalty. Confidentiality of insured's information. Reasons for disclosure of insured's identity. (a) On or before March first of each year, each provider shall file with the commissioner an annual statement containing such information as the comm…

Sec. 38a-465e. Examination of licensees and applicants. Commissioner's access to records. Retention of records. Expenses of examination. Confidentiality of examination workpapers and reports. (a) When the commissioner deems it reasonably necessary to protect the interests of the …

Sec. 38a-465f. Required disclosures. (a) The provider or broker shall provide, in writing, in a separate document that is signed by the owner and provider, the following disclosures to the owner not later than the date the life settlement contract is signed by all parties. The di…

Sec. 38a-465g. Prerequisites to a life settlement contract wherein insured is terminally or chronically ill. Medical release and confidentiality of medical information. Verification of coverage. Notice to insurer. Change of ownership or beneficiary. Rescission. Escrow agent or tr…

Sec. 38a-465h. Premium finance loans. Disclosures and certifications. (a) Without limiting the ability of an insurer to assess the insurability of a policy applicant and in addition to other questions an insurance company may lawfully pose to a life insurance applicant, an insura…

Sec. 38a-465i. Violations. (a) It shall be a violation of this part for any person to: (1) Enter into a life settlement contract if such person knows or reasonably should have known that the life insurance policy was obtained by means of a false, deceptive or misleading applicati…

Sec. 38a-465j. Fraudulent life settlement acts prohibited. Confidentiality of documents and evidence. Antifraud plans. (a)(1) A person shall not commit a fraudulent life settlement act. (2) “Fraudulent life settlement act” includes, but is not limited to: (A) Acts or omissions co…

Sec. 38a-465k. Injunctions. Cease and desist orders. Damages. (a) In addition to the penalties and other enforcement provisions of this part, if any person violates this part or any regulation implementing this part, the commissioner may seek an injunction in a court of competent…

Sec. 38a-465l. Penalties. (a) It shall be a violation of this part for any person, provider, broker or any other party related to the business of life settlements to commit a fraudulent life settlement act. (b) A person that commits a fraudulent life settlement act is guilty of c…