Title 38a, Title 38a: Insurance

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…

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…