Chapter 698. Insurers
Section
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 conducted.38a-41aCertificate authorizing formation of insurance company or health care center. Information required by commissioner. Costs.38a-42(Formerly Sec. 38-20b). Contracts with life, accident or health insurance producers.38a-43(Formerly Sec. 38-22). Certain insurance companies and health care centers may be prohibited from transacting business in this state.38a-44(Formerly Sec. 38-64b). Notice to commissioner of intent to discontinue line of insurance.38a-45(Formerly Sec. 38-29). Limitation on title insurance and mortgage guaranty insurance.38a-46(Formerly Sec. 38-30). Writing of participating and nonparticipating insurance by domestic stock and mutual insurance companies.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.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.38a-49(Formerly Sec. 38-51). Fraternal benefit societies and foreign or alien companies to reimburse state for costs of examination.38a-50(Formerly Sec. 38-52). Fraternal, foreign and alien life insurers to reimburse state for costs of valuation.38a-51(Formerly Sec. 38-53). Assessment of costs of examination and valuation. Payments credited to Insurance Fund.38a-52(Formerly Sec. 38-54). Appeal from assessment.38a-52aInsurance Fund established.38a-53(Formerly Sec. 38-24). Requirements re filing of annual reports and financial statements. Late filing fee. Due date extensions.38a-53aAnnual statement convention blank filing with the National Association of Insurance Commissioners. Financial statements and other information filing with the National Association of Insurance Commissioners.38a-54Audited reports.38a-55Hypothecation of assets.38a-56(Formerly Sec. 38-19). False returns to commissioner.38a-57(Formerly Sec. 38-26a). Retention of records and assets in state.38a-58(Formerly Sec. 38-40). Change of location of domestic insurance company.38a-58aTransfer of domicile: By foreign insurance company to this state; by domestic insurance company to another state. Procedures.38a-58bDefinitions.38a-58cApplicability of state laws to alien insurer's United States branch.38a-58dUse of state as alien insurer's state of entry. Requirements. Examination of trusteed assets. Revocation of license and liquidation of United States branch.38a-58eAnnual and quarterly statements by United States branch.38a-58fIssuance and renewal of United States branch license. Proceeding against United States branch.38a-58gDomestication of alien insurer's United States branch.38a-59(Formerly Sec. 38-42a). Change of name of domestic insurance company or domestic health care center with capital stock.38a-60(Formerly Sec. 38-27a). Continuity of management during national emergencies.38a-61(Formerly Sec. 38-134). Limitation of use of power of attorney.38a-62(Formerly Sec. 38-27b). Indemnification of directors, officers and employees of mutual insurance companies.38a-63Limitation of liability of director of mutual insurance company.38a-64(Formerly Sec. 38-41). Donations by domestic mutual companies.38a-65(Formerly Sec. 38-48). Disposition of unclaimed dividends of insolvent company.38a-66Reinsurance of insurance business with other insurers by agreement of bulk reinsurance.38a-67Reporting requirement for cancellations and revisions of ceded reinsurance agreements.38a-67aAcquisitions and dispositions of assets, reporting requirement waived, when. Asset acquisitions and dispositions, defined. Information required to be disclosed.38a-67bNonrenewals, cancellations or revisions, reporting requirement waived, when. Information required to be disclosed.38a-6838a-6838a-69Scope of provisions.38a-69aConfidentiality of financial examination workpapers and operating and financial condition reports. Confidentiality of certain supplemental compensation exhibits and stockholder information supplements. Exceptions.38a-70Accounting standards.38a-71Minimum asset requirements. Minimum capital and minimum surplus requirements.38a-72(Formerly Sec. 38-93). Financial requirements to license an insurance company.38a-72aRegulations.38a-73(Formerly Sec. 38-110). Limitation of risks.38a-74 and 38a-75(Formerly Secs. 38-94 and 38-95). Estimation of trusteed surplus. Appointment of trustees; examinations by commissioner.38a-76(Formerly Sec. 38-25). Reserves.38a-77(Formerly Sec. 38-130). Valuation of reserve.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.38a-78aNAIC Valuation Manual. Operative date changes. Requirements.38a-79(Formerly Sec. 38-26). Valuation of securities.38a-79aShort title: Standard Valuation Law.38a-80(Formerly Sec. 38-164). Premium reserve for health, accident and liability business.38a-81(Formerly Sec. 38-132). Sale of property taken for debts.38a-82(Formerly Sec. 38-133). Improvement of real estate.38a-83(Formerly Sec. 38-43). Securities required by other states deposited with State Treasurer.38a-84(Formerly Sec. 38-47). Securities to be delivered to receiver.38a-85Credit 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 recoverables and program.38a-85aCertification as a reinsurer. Regulations.38a-86Reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer. Regulations.38a-87Qualified United States financial institutions.38a-88Regulations.38a-88aInsurance business investments through fund managers. Invest CT funds. Tax credits. Regulations.38a-88bApplicability of section 38a-88a.38a-89Reinsurance agreements affected.38a-90Short title: Managing General Agents Act.38a-90aDefinitions.38a-90bLicensing of managing general agents.38a-90cContractual agreement between insurer and managing general agent. Minimum provisions of the contract.38a-90dDuties of the insurer.38a-90eActs of managing general agent considered to be acts of insurer. Examination of the managing general agent.38a-90fViolations of the Managing General Agents Act. Hearing and notices. Fines. Loss or damage due to noncompliance rehabilitation or liquidation. Civil actions and other relief.38a-90gRegulations.38a-90hUtilization of managing general agent's services. Exceptions.38a-91Definitions.38a-91aInsurers affected.38a-91bControlled insurers. Applicability. Minimum provisions.38a-91cDisclosure to insured by controlling producer. Exception.38a-91dNoncompliance: Remedies allowed.38a-91e to 38a-91j38a-91e to 38a-91j38a-91kCaptive insurers: Information to be submitted to commissioner.38a-91l to 38a-91z38a-91l to 38a-91z38a-91aaCaptive insurance companies. Definitions.38a-91bbCaptive insurance companies. Licenses. Fees.38a-91ccSame or deceptively similar name prohibited.38a-91ddCapital and surplus requirements.38a-91eePayment of dividends and other distributions.38a-91ffIncorporation and formation. Transfer of domicile.38a-91ggAnnual reports.38a-91hhExaminations of captive insurance companies. Costs. Confidentiality of financial examination workpapers and reports.38a-91iiSuspension, revocation or refusal to renew license. Amendment or modification of a special purpose financial captive insurance company's license.38a-91jjApplicability of state investment laws. Certain loans and investments required to be approved by commissioner. Loans of minimum capital and surplus funds prohibited.38a-91kkReinsurance.38a-91llRating organization.38a-91mmGuaranty association and insolvency fund exclusion.38a-91nnDirect premium receipts tax and assumed reinsurance premium receipts tax. Applicability of tax statutes.38a-91ooApplicability of insurance statutes.38a-91ppConversions and mergers. Approval by commissioner.38a-91qqRegulations.38a-91rrEstablishment of protected cells and incorporated protected cells by a sponsored captive insurance company. Extent of obligations. Recourse.38a-91ssAdditional requirements for a special purpose financial captive insurance company.38a-91ttAdditional requirements for a sponsored captive insurance company licensed as a special purpose financial captive insurance company.38a-91uuDormant captive insurance company. Certificate of dormancy. Capital and surplus.38a-91vvEstablishment 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.38a-91wwAgency captive insurance companies. Corporate form.38a-91xxAgency captive insurance companies. Authority to do business.38a-91yyConversion of protected cells and incorporated protected cells by a sponsored captive insurance company.38a-92Financial Guaranty Insurance Act, generally.38a-92aDefinitions.38a-92bLicensing of financial guaranty insurance corporations. Reinsurance.38a-92cContingency reserves.38a-92dReserves against unpaid losses and loss expense.38a-92eUnearned premium reserve.38a-92fDisclosures in prospectus or other offering document.38a-92gFinancial guaranty insurance transactions. Exceptions.38a-92hCopies of relevant materials.38a-92iNet liability. Kinds of obligations.38a-92jLimiting of exposure to loss on any one risk.38a-92kExceeding of limitations by licensed financial insurance corporations. Notification of commissioner. Hearing.38a-92lOther licensed insurers transacting financial guaranty insurance to be subject to provisions of this part.38a-92mCredit for reinsurance as an asset or as a reduction from liability, when.38a-92nFiling of policy forms and amendments with commissioner.38a-9338a-9338a-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.38a-102Investments. Derivative financial transactions. Regulations.38a-102aNonadmitted investment assets. Divestiture order, notice and hearing.38a-102bDefinitions.38a-102cInvestments of admitted assets. Limitations.38a-102dAffiliate relationships in the investment of admitted assets. Limitations.38a-102eLoan or investment prohibition.38a-102fProhibition of compensation for negotiating a loan.38a-102gInvestments of foreign and alien insurers.38a-102hPolicies and procedures re use of special knowledge or information.38a-102iExceptions.38a-103 to 38a-11638a-103 to 38a-11638a-117(Formerly Sec. 38-68a). Insider trading of equity securities. Definitions.38a-118(Formerly Sec. 38-68b). Beneficial owners of securities to file with commissioner.38a-119(Formerly Sec. 38-68c). Disposition of certain profits realized by owners and officers.38a-120(Formerly Sec. 38-68d). Sales of securities restricted.38a-121(Formerly Sec. 38-68e). Excepted transactions.38a-122(Formerly Sec. 38-68f). Foreign or domestic arbitrage transactions.38a-123(Formerly Sec. 38-68g). Securities of certain companies not covered.38a-124(Formerly Sec. 38-68h). Regulations.38a-125 to 38a-12838a-125 to 38a-12838a-129(Formerly Sec. 38-39a). Purpose. Definitions. Applicability to captive insurance companies.38a-129aPresumption of control.38a-130(Formerly Sec. 38-39b). Acquisition and divestiture of domestic insurance companies. Required statement and notice filings. Violations.38a-131(Formerly Sec. 38-39c). Acquisitions. Exemptions. Preacquisition notifications. Violations of competitive standards. Hearing. Penalties.38a-132(Formerly Sec. 38-39d). Approval of acquisitions. Hearing. Expenses.38a-133(Formerly Sec. 38-39e). Exemptions.38a-134(Formerly Sec. 38-39f). Nonvotable securities. Injunctive relief.38a-135(Formerly Sec. 38-39g). Insurance holding company system member registration. Registration statement. Annual enterprise risk report. Group capital calculation. Liquidity stress test framework. Termination of registration statement. Disclaimer of affiliation. Exemptions. Supervisory college. Group-wide supervision of internationally active insurance group.38a-136(Formerly Sec. 38-39h). Requirements re transactions within an insurance holding company system. Prohibited transactions. Extraordinary dividends or distributions. Affiliate consent to jurisdiction.38a-137(Formerly Sec. 38-39i). Confidentiality of information.38a-138(Formerly Sec. 38-39j). Regulations.38a-139(Formerly Sec. 38-39k). Appeals.38a-140(Formerly Sec. 38-39l). Remedial and penal provisions.38a-141(Formerly Sec. 38-39m). Financial and market conduct examination of acquired domestic insurance company. Transactions limited. Penalties. Regulations.38a-142Own risk and solvency assessments. Reports. Penalty. Exemptions. Confidentiality of documents, materials or other information.38a-142aCorporate governance annual disclosures. Confidentiality of documents, materials or other information. CGAD reviews. Penalty.38a-143 to 38a-14538a-143 to 38a-14538a-146(Formerly Sec. 38-37). Domestic insurance company may acquire stock of other companies.38a-147(Formerly Sec. 38-37a). Solicitation of proxies.38a-148(Formerly Sec. 38-37b). Redemption of shares of domestic insurance company. Notice. Determination of fair value.38a-149(Formerly Sec. 38-38). Interlocking directorate.38a-150(Formerly Sec. 38-39). Monopoly. Complaint and hearing. Cease and desist order.38a-151(Formerly Sec. 38-34). Reduction of capital stock.38a-152(Formerly Sec. 38-35). Issuance of stock in exchange for stock of another company.38a-153(Formerly Sec. 38-42). Merger or consolidation of companies.38a-154(Formerly Sec. 38-36). Filing of the certificate of merger or consolidation with the Secretary of the State.38a-155(Formerly Sec. 38-42b). Conversion of hospital service corporation and medical service corporation to mutual insurance company. Procedure. Authorized agents to sell products.38a-156Definitions.38a-156aReorganization of domestic mutual insurer as domestic stock insurer owned by mutual holding company. Plan of reorganization. Approval. Use of the word “mutual” in name. Voting stock ownership. Prohibited fees, commission or other consideration.38a-156bMutual holding company requirements.38a-156cAmendments to articles of incorporation and plan of reorganization.38a-156dTransfer of assets or liabilities and acquisition of subsidiaries by reorganized insurer.38a-156eRequirements of reorganizing mutual life insurer. Report.38a-156fVoting stock offerings.38a-156gRestrictions on stock offerings and stock ownership.38a-156hMerger or consolidation of mutual holding companies. Effect on pending court action or proceeding.38a-156iReorganization of domestic mutual insurer with existing domestic or foreign mutual holding company.38a-156jConversion of domestic mutual holding company to domestic stock corporation. Plan of conversion. Approval. Prohibited fees, commission or other consideration.38a-156kProceedings and actions.38a-156lConfidentiality of information, documents and copies related to reorganization, merger, consolidation or conversion.38a-156mRegulations.38a-156n to 38a-156q38a-156n to 38a-156q38a-156rDefinitions.38a-156sDivision of domestic insurer. Plan of division. Amendment and abandonment.38a-156tPlan of division. Approval by interest holders and governors.38a-156uPlan of division. Approval by commissioner. Notice and hearing. Certificate of approval.38a-156vCertificate of division.38a-156wEffect of division.38a-156xResponsibility and liability of resulting insurers.38a-156yAppraisal rights.38a-156zRegulations.38a-157 to 38a-15938a-157 to 38a-15938a-160(Formerly Sec. 38-290). Exceptions.38a-161(Formerly Sec. 38-291). Definitions.38a-162(Formerly Sec. 38-292). License required. Expiration. Fee. Required information.38a-163(Formerly Sec. 38-293). Application for license. Investigation. Hearing on license denial. Issuance or renewal.38a-164(Formerly Sec. 38-294). Revocation, suspension or refusal to renew license. Hearing. Fine. Petition to show cause.38a-165(Formerly Sec. 38-295). Records of licensee.38a-166(Formerly Sec. 38-296). Regulations.38a-167(Formerly Sec. 38-297). Insurance premium finance agreement requirements.38a-168(Formerly Sec. 38-298). Service charge.38a-169(Formerly Sec. 38-299). Delinquency charge.38a-170(Formerly Sec. 38-300). Cancellation of insurance contract on default of insured.38a-171 to 38a-17438a-171 to 38a-174