Title 38a, Title 38a: Insurance

Sec. 38a-12. (Formerly Sec. 38-5). Annual report to Governor. The commissioner shall, annually, submit to the Governor a report of the commissioner's official acts and of the condition of all insurance companies doing business in this state, with a condensed statement of their re…

Sec. 38a-13. (Formerly Sec. 38-13). Annual report to state names of companies. The commissioner shall, in his annual report to the Governor, state the names of the companies so taken possession of, whether the same have resumed business or have been liquidated, and such other fac…

Sec. 38a-14. (Formerly Sec. 38-7). Examination of affairs of insurance companies, health care centers and corporations or associations collecting underwriting data. Costs. Transmission and provision of report. (a) For the purposes of this section, “company” means any insurance co…

Sec. 38a-14a. Examination of the financial condition of insurance companies. (a) With regard to any insurance company registered under section 38a-135, subject to the limitation contained in this section and in addition to the powers that the Insurance Commissioner has under sect…

Sec. 38a-15. Market conduct examinations. Costs. (a) The commissioner shall, as often as the commissioner deems it expedient, undertake a market conduct examination of the affairs of any insurance company, health care center, third-party administrator, as defined in section 38a-7…

Sec. 38a-16. (Formerly Sec. 38-7a). Investigations and hearings by Insurance Commissioner. Subpoenas. Injunctive relief. (a)(1) The Insurance Commissioner or the commissioner's authorized representative may, as often as the commissioner deems necessary, conduct investigations and…

Sec. 38a-17. (Formerly Sec. 38-8). Authority of commissioner when business is being conducted improperly. If, in the opinion of the commissioner, any insurance company, fraternal benefit society, health care center or residual market mechanism is doing business in an illegal or i…

Sec. 38a-18. (Formerly Sec. 38-9). Application by commissioner to act as receiver. Section 38a-18 is repealed, effective July 1, 2017. (1949 Rev., S. 6035; 1957, P.A. 448, S. 44; 1967, P.A. 518; 1971, P.A. 179, S. 24; P.A. 77-614, S. 486, 610; P.A. 78-280, S. 2, 127; P.A. 90-243,…

Sec. 38a-19. (Formerly Sec. 38-349). Hearings on orders of commissioner. Appeals. (a) Any person or insurer aggrieved by any order or decision of the commissioner made without a hearing may, not later than thirty days after notice of the order to the person or insurer, make writt…

Sec. 38a-2. (Formerly Sec. 38-2). General penalty. Any person or corporation violating any provision of this title for the violation of which no other penalty is provided shall be fined not more than fifteen thousand dollars. (1949 Rev., S. 6275; P.A. 83-255, S. 1, 2; P.A. 08-178…

Sec. 38a-20. (Formerly Sec. 38-17). Emergency regulations. Whenever the Governor declares, by proclamation, bank and credit union holidays or periods of banking emergency, under section 36a-23, or whenever the Governor determines, and by proclamation declares, that the conditions…

Sec. 38a-21. Review and evaluation of mandated health benefits. Costs and assessments. Commissioner to contract with The University of Connecticut Center for Public Health and Health Policy. Report. (a) As used in this section: (1) “Commissioner” means the Insurance Commissioner.…

Sec. 38a-22. Electronic filing and submission. (a) Notwithstanding any provision of the general statutes, the Insurance Commissioner may require that any person required by any provision of this title to make a filing or submission to the commissioner make such filing or submissi…

Sec. 38a-23. Biennual report by commissioner re climate-related risks and climate change. (a) Not later than April 1, 2022, and biennially thereafter until April 1, 2032, the Insurance Commissioner shall submit a report, in accordance with section 11-4a, to the joint standing com…

Sec. 38a-24. Reserved for future use. PART III SERVICE OF PROCESS

Sec. 38a-25. (Formerly Sec. 38-23). Insurance Commissioner as agent for service of process. (a) The Insurance Commissioner is the agent for receipt of service of legal process on the following: (1) Foreign and alien insurance companies authorized to do business in this state in a…

Sec. 38a-26. Procedure for service of process. (a) Service of process on the commissioner as provided in section 38a-25 shall be made by delivering two copies thereof to the commissioner, or to the office of the commissioner, or to an official or office of an official designated …

Sec. 38a-27. (Formerly Sec. 38-267). Procedure where substituted service made against unauthorized insurer. (a) Before any unauthorized person or insurer files or causes to be filed any pleading in any court action or proceeding or in any administrative proceeding before the comm…

Secs. 38a-28 to 38a-31. Reserved for future use. PART IV MEDICAL MALPRACTICE SCREENING PANEL

Secs. 38a-3 to 38a-6. Reserved for future use. PART II INSURANCE COMMISSIONER. POWERS AND DUTIES

Secs. 38a-32 to 38a-36. (Formerly Secs. 38-19b to 38-19f). Malpractice Screening Panel established. Selection of panel to screen malpractice claim. Hearing by panel; transcripts. Confidentiality of proceedings, records, findings and deliberations. Finding as to liability. Section…

Sec. 38a-37. Interstate Insurance Product Regulation Compact. Pursuant to terms and conditions of this compact, the state of Connecticut seeks to join with other states and establish the Interstate Insurance Product Regulation Compact, and thus become a member of the Interstate I…

Sec. 38a-38. Insurance Data Security Law. Regulations. (a) Title. This section may be cited as the “Insurance Data Security Law”. (b) Definitions. For the purposes of this section: (1) “Authorized individual” means an individual who is known to, and screened by, a licensee, and w…

Sec. 38a-7. (Formerly Sec. 38-3). Appointment of commissioner. In accordance with the provisions of sections 4-5 to 4-8, inclusive, the Governor shall appoint some suitable person, not a director, officer or agent of an insurance company, to be Insurance Commissioner. (1949 Rev.,…

Sec. 38a-8. (Formerly Sec. 38-4). Duties of commissioner. Regulations. Sharing and maintenance of confidential information. Use of outside professionals. Program re electronic rate and form filings. (a) The commissioner shall see that all laws respecting insurance companies and h…

Sec. 38a-8a. Regulations on security and privacy standards. The Insurance Commissioner may adopt regulations, in accordance with chapter 54, to establish security and privacy standards consistent with Title V of the Gramm-Leach-Bliley Financial Modernization Act of 1999, Public L…

Sec. 38a-8b. Stop loss policies. Sale in this state. Regulations. No stop loss policy may be issued or delivered in this state unless a copy of the stop loss policy form has been submitted to, and approved by, the Insurance Commissioner pursuant to regulations that the commission…

Sec. 38a-9. (Formerly Sec. 38-4b). Divisions of Consumer Affairs and Rate Review. Duties. Annual reports by commissioner. Arbitration procedure. (a) Notwithstanding the provisions of section 4-8, there shall be a Division of Consumer Affairs within the Insurance Department, which…

Sec. 38a-102. Investments. Derivative financial transactions. Regulations. (a) Except as otherwise limited or prohibited by sections 38a-102 to 38a-102h, inclusive, or by regulation adopted by the Insurance Commissioner pursuant hereto, a domestic insurance company may make or ac…

Sec. 38a-102a. Nonadmitted investment assets. Divestiture order, notice and hearing. (a) Investments made in excess of the limits prescribed in sections 38a-102 to 38a-102h, inclusive, shall be considered nonadmitted assets of an insurance company only to the extent of such exces…

Sec. 38a-102b. Definitions. For the purposes of sections 38a-102 to 38a-102h, inclusive: (1) “Cap” means an option contract wherein the seller, in return for a premium, agrees to limit the purchaser's risk associated with an increase in a reference rate or index. (2) “Collar” mea…

Sec. 38a-102c. Investments of admitted assets. Limitations. (a) A domestic insurer may invest up to ten per cent of admitted assets per obligor in obligations (1) issued, assumed or guaranteed by any agency, political subdivision or instrumentality of any state which obligations …

Sec. 38a-102d. Affiliate relationships in the investment of admitted assets. Limitations. (a) In addition to investments in common stock, preferred stock, debt obligations and other securities permitted under sections 38a-102 to 38a-102h, inclusive, a domestic insurer may also: (…

Sec. 38a-102e. Loan or investment prohibition. No domestic insurer shall make any loan or investment, other than a life insurance policy loan secured by its policies in an amount not exceeding the net reserve value thereof, unless authorized or approved by its board of directors …

Sec. 38a-102f. Prohibition of compensation for negotiating a loan. No director or officer of a domestic insurer shall receive any money or valuable consideration for negotiating, procuring or recommending any loan from such domestic insurer or for selling or aiding in the sale of…

Sec. 38a-102g. Investments of foreign and alien insurers. Foreign and alien insurers, as defined in section 38a-1, transacting the business of insurance in this state, shall have assets of the same general character and quality and policies and procedures relating to the approval…

Sec. 38a-102h. Policies and procedures re use of special knowledge or information. Each domestic insurer shall adopt policy and implementation procedures designed to prevent directors, officers, employees or any other person from inappropriately benefiting, either directly or ind…

Sec. 38a-102i. Exceptions. None of the provisions of sections 38a-102 to 38a-102h, inclusive, shall be preempted by the provisions of section 106 of Title I of the Secondary Mortgage Market Enhancement Act of 1984, 15 USC Section 77r-1. (P.A. 91-356, S. 2, 3.)

Secs. 38a-103 to 38a-116. Reserved for future use. PART IV INSIDER TRADING OF EQUITY SECURITIES

Sec. 38a-117. (Formerly Sec. 38-68a). Insider trading of equity securities. Definitions. As used in sections 38a-118 to 38a-124, inclusive, “equity security” means any stock or similar security, or any security convertible, with or without consideration, into such a security, or …

Sec. 38a-118. (Formerly Sec. 38-68b). Beneficial owners of securities to file with commissioner. Every person who is directly or indirectly the beneficial owner of more than ten per cent of any class of any equity security of a domestic stock insurance company or who is an office…

Sec. 38a-119. (Formerly Sec. 38-68c). Disposition of certain profits realized by owners and officers. For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director or officer by reason of his relationship to such domes…

Sec. 38a-120. (Formerly Sec. 38-68d). Sales of securities restricted. No such beneficial owner, director or officer, directly or indirectly, shall sell any equity security of such company if the person selling the security or his principal (i) does not own the security sold, or (…

Sec. 38a-121. (Formerly Sec. 38-68e). Excepted transactions. The provisions of section 38a-119 shall not apply to any purchase and sale, or sale and purchase, and the provisions of section 38a-120 shall not apply to any sale, of an equity security of a domestic stock insurance co…

Sec. 38a-122. (Formerly Sec. 38-68f). Foreign or domestic arbitrage transactions. The provisions of sections 38a-118, 38a-119 and 38a-120 shall not apply to foreign or domestic arbitrage transactions unless made in contravention of such regulations as the commissioner may adopt i…

Sec. 38a-123. (Formerly Sec. 38-68g). Securities of certain companies not covered. The provisions of sections 38a-118, 38a-119 and 38a-120 shall not apply to any equity securities of a domestic stock insurance company if (i) any class of its equity securities shall be registered,…