Title 38a, Title 38a: Insurance

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 Section 38a-79 is repealed.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…

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 …

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…

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…