Title 38a — Title 38a: Insurance
33 chapters · 1,393 sections in this title.
Conn. Gen. Stat. § 38a-91hh Examinations of captive insurance companies. Costs. Confidentiality of financial examination workpapers and reports.
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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…
Conn. Gen. Stat. § 38a-91ii Suspension, revocation or refusal to renew license. Amendment or modification of a special purpose financial captive insurance company's license.
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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…
Conn. Gen. Stat. § 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.
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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…
Conn. Gen. Stat. § 38a-91k Captive insurers: Information to be submitted to commissioner.
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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…
Conn. Gen. Stat. § 38a-91kk Reinsurance.
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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…
Conn. Gen. Stat. §§ 38a-91l to 38a-91z 38a-91l to 38a-91z
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Secs. 38a-91l to 38a-91z. Reserved for future use.
Conn. Gen. Stat. § 38a-91ll Rating organization.
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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.
Conn. Gen. Stat. § 38a-91mm Guaranty association and insolvency fund exclusion.
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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…
Conn. Gen. Stat. § 38a-91nn Direct premium receipts tax and assumed reinsurance premium receipts tax. Applicability of tax statutes.
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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…
Conn. Gen. Stat. § 38a-91oo Applicability of insurance statutes.
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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…
Conn. Gen. Stat. § 38a-91pp Conversions and mergers. Approval by commissioner.
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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…
Conn. Gen. Stat. § 38a-91qq Regulations.
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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…
Conn. Gen. Stat. § 38a-91rr Establishment of protected cells and incorporated protected cells by a sponsored captive insurance company. Extent of obligations. Recourse.
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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…
Conn. Gen. Stat. § 38a-91ss Additional requirements for a special purpose financial captive insurance company.
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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…
Conn. Gen. Stat. § 38a-91tt Additional requirements for a sponsored captive insurance company licensed as a special purpose financial captive insurance company.
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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…
Conn. Gen. Stat. § 38a-91uu Dormant captive insurance company. Certificate of dormancy. Capital and surplus.
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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…
Conn. Gen. Stat. § 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.
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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…
Conn. Gen. Stat. § 38a-91ww Agency captive insurance companies. Corporate form.
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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…
Conn. Gen. Stat. § 38a-91xx Agency captive insurance companies. Authority to do business.
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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…
Conn. Gen. Stat. § 38a-91yy Conversion of protected cells and incorporated protected cells by a sponsored captive insurance company.
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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…
Conn. Gen. Stat. § 38a-92 Financial Guaranty Insurance Act, generally.
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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…
Conn. Gen. Stat. § 38a-92a Definitions.
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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…
Conn. Gen. Stat. § 38a-92b Licensing of financial guaranty insurance corporations. Reinsurance.
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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…
Conn. Gen. Stat. § 38a-92c Contingency reserves.
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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 …
Conn. Gen. Stat. § 38a-92d Reserves against unpaid losses and loss expense.
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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…
Conn. Gen. Stat. § 38a-92e Unearned premium reserve.
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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…
Conn. Gen. Stat. § 38a-92f Disclosures in prospectus or other offering document.
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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, …
Conn. Gen. Stat. § 38a-92g Financial guaranty insurance transactions. Exceptions.
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Sec. 38a-92g. Financial guaranty insurance transactions. Exceptions. (a) Except as otherwise provided in section 38a-92l or 38a-92m, inclusive, financial guaranty insurance may be transacted in this state only by an insurer licensed to transact financial guaranty insurance. (b) T…
Conn. Gen. Stat. § 38a-92h Copies of relevant materials.
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Sec. 38a-92h. Copies of relevant materials. Each licensed financial guaranty insurance corporation shall keep copies of all relevant materials prepared by the insurer or used in the initial underwriting or ongoing monitoring of insured risk, all relevant documents pertaining to c…
Conn. Gen. Stat. § 38a-92i Net liability. Kinds of obligations.
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Sec. 38a-92i. Net liability. Kinds of obligations. (a) At least ninety-five per cent of a financial guaranty insurance corporation's outstanding total net liability on the kinds of obligations enumerated in subdivisions (1) to (3), inclusive, of subsection (b) of section 38a-92g …
Conn. Gen. Stat. § 38a-92j Limiting of exposure to loss on any one risk.
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Sec. 38a-92j. Limiting of exposure to loss on any one risk. A financial guaranty insurance corporation licensed to transact financial guaranty insurance in this state shall limit its exposure to loss on any one risk, net of collateral and reinsurance, as follows: (1) For municipa…
Conn. Gen. Stat. § 38a-92k Exceeding of limitations by licensed financial insurance corporations. Notification of commissioner. Hearing.
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Sec. 38a-92k. Exceeding of limitations by licensed financial insurance corporations. Notification of commissioner. Hearing. (a) If a licensed financial insurance corporation at any time exceeds any limitation prescribed by section 38a-92i or 38a-92j the corporation shall immediat…
Conn. Gen. Stat. § 38a-92l Other licensed insurers transacting financial guaranty insurance to be subject to provisions of this part.
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Sec. 38a-92l. Other licensed insurers transacting financial guaranty insurance to be subject to provisions of this part. On and after October 1, 1993, any insurer transacting financial guaranty insurance in this state which is not licensed to transact financial guaranty insurance…
Conn. Gen. Stat. § 38a-92m Credit for reinsurance as an asset or as a reduction from liability, when.
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Sec. 38a-92m. Credit for reinsurance as an asset or as a reduction from liability, when. (a) For financial guaranty insurance that takes effect on or after October 1, 1993, an insurer licensed under sections 38a-92 to 38a-92n, inclusive, to transact financial guaranty insurance s…
Conn. Gen. Stat. § 38a-92n Filing of policy forms and amendments with commissioner.
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Sec. 38a-92n. Filing of policy forms and amendments with commissioner. (a) Each licensed financial guaranty insurance corporation shall file all policy forms and any amendments thereto with the commissioner prior to the issuance of a financial guaranty insurance policy. Immediate…
Conn. Gen. Stat. § 38a-93 38a-93
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Sec. 38a-93. Reserved for future use. PART III INVESTMENTS
Conn. Gen. Stat. §§ 38a-94 to 38a-101 (Formerly Secs. 38-141a to 38-146a and 38-148). Domestic life insurers: Certain investments forbidden; unqualified loans and investments, limit permitted; investment in obligations guaranteed by federal or state government; approval of loans and investments; officers to receive no compensation for negotiating loan; security for loans; acquisition and organization of subsidiaries by domestic mutual life insurance companies; penalty for authorizing illegal investments.
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Secs. 38a-94 to 38a-101. (Formerly Secs. 38-141a to 38-146a and 38-148). Domestic life insurers: Certain investments forbidden; unqualified loans and investments, limit permitted; investment in obligations guaranteed by federal or state government; approval of loans and investmen…
Conn. Gen. Stat. § 38a-283 (Formerly Sec. 38-20c). Insurance policy signatures.
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Sec. 38a-283. (Formerly Sec. 38-20c). Insurance policy signatures. Any insurer may, in an insurance policy form or endorsement, substitute the printed names of the officers duly empowered to affirm to such form or endorsement for the facsimile of such officers' signatures. (P.A. …
Conn. Gen. Stat. § 38a-284 (Formerly Sec. 38-157). Insurance contracts by minors.
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Sec. 38a-284. (Formerly Sec. 38-157). Insurance contracts by minors. Any minor of the age of fifteen years or more may, notwithstanding such minority, contract for life, health and accident insurance on such minor's person for such minor's benefit or for the benefit of such minor…
Conn. Gen. Stat. § 38a-285 (Formerly Sec. 38-108). Two or more companies may issue a combination policy covering marine and transportation business.
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Sec. 38a-285. (Formerly Sec. 38-108). Two or more companies may issue a combination policy covering marine and transportation business. Two or more insurance companies authorized to transact, in this state, a marine and transportation insurance business may issue combination form…
Conn. Gen. Stat. § 38a-286 (Formerly Sec. 38-109). Companies may insure any risks pertaining to transportation and navigation.
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Sec. 38a-286. (Formerly Sec. 38-109). Companies may insure any risks pertaining to transportation and navigation. Section 38a-286 is repealed, effective October 1, 2002. (1949 Rev., S. 6114; P.A. 02-89, S. 90.)
Conn. Gen. Stat. § 38a-287 (Formerly Sec. 38-163). Defrauding life or accident insurance companies.
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Sec. 38a-287. (Formerly Sec. 38-163). Defrauding life or accident insurance companies. Any person who obtains or attempts to obtain, from any life or accident insurance company of this state, any money on any policy of insurance issued by it, by falsely or fraudulently representi…
Conn. Gen. Stat. § 38a-288 (Formerly Sec. 38-33). Insurance sold in connection with installment contracts and loans.
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Sec. 38a-288. (Formerly Sec. 38-33). Insurance sold in connection with installment contracts and loans. The commissioner shall adopt regulations, in accordance with the provisions of chapter 54, governing insurance on personal property sold under installment or deferred payment c…
Conn. Gen. Stat. § 38a-289 (Formerly Sec. 38-28). Contracts of reinsurance.
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Sec. 38a-289. (Formerly Sec. 38-28). Contracts of reinsurance. Contracts for reinsurance shall be deemed insurance contracts, but the hazard under such contracts is declared to be distinct in nature from the hazard originally insured. No provision of law relative to the form of i…
Conn. Gen. Stat. § 38a-290 (Formerly Sec. 38-27). Time limitation on suits and arbitration claims.
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Sec. 38a-290. (Formerly Sec. 38-27). Time limitation on suits and arbitration claims. No insurance company doing business in this state shall limit the time within which any suit shall be brought against it or any claim shall be submitted to arbitration on (1) a fidelity or suret…
Conn. Gen. Stat. § 38a-291 Life insurance owned by an employer or trust. Provisions and prohibitions. Construction.
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Sec. 38a-291. Life insurance owned by an employer or trust. Provisions and prohibitions. Construction. (a)(1)(A) The trustee of any voluntary employees' beneficiary association trust, as defined in Section 501(c)(9) of the Internal Revenue Code of 1986, as from time to time amend…
Conn. Gen. Stat. §§ 38a-292 to 38a-294 38a-292 to 38a-294
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Secs. 38a-292 to 38a-294. Reserved for future use.
Conn. Gen. Stat. § 38a-295 (Formerly Sec. 38-68s). Short title: Insurance Plain Language Act.
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Sec. 38a-295. (Formerly Sec. 38-68s). Short title: Insurance Plain Language Act. Sections 38a-295 to 38a-300, inclusive, may be cited as the “Insurance Plain Language Act”. (P.A. 79-300, S. 1.) History: Sec. 38-68s transferred to Sec. 38a-295 in 1991.
Conn. Gen. Stat. § 38a-296 (Formerly Sec. 38-68t). Definitions.
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Sec. 38a-296. (Formerly Sec. 38-68t). Definitions. As used in sections 38a-295 to 38a-300, inclusive: (1) “Policy” means any policy, contract, certificate, plan or agreement for life insurance, health insurance, credit life insurance, credit health insurance, annuities, certifica…
Conn. Gen. Stat. § 38a-297 (Formerly Sec. 38-68u). Definition of readable language. Certification.
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Sec. 38a-297. (Formerly Sec. 38-68u). Definition of readable language. Certification. (a) For the purposes of sections 38a-295 to 38a-300, inclusive, a policy shall be deemed readable if: (1) The text achieves a minimum score of forty-five on the Flesch reading ease test as compu…