General Statutes of Connecticut Chapter 698 — Insurers

Connecticut · statute · Conn. Gen. Stat. ch. 698 · 201 active provisions

(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

(a) No insurance company or health care center shall do any insurance business or health care center business within this state until and except while it is permitted to do so under the terms of a license issued by the commissioner. Any such company desiring to obtain such a license shall make application to the commis…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 issued by the commissioner if the following is submitted to the commissioner by the incorporators and is deemed to be satisfactory: (1) The proposed articles of incorporation, w…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 where the initial or any renewal commission is contingent upon (1) such contract being in effect more than two years, or (2) any continuing…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 foreign country has been refused to any domestic insurance company or domestic health care center after (1) a certificate of the solvency and good management of such company or health care ce…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 writings in a line or subline of insurance in this state shall send, by registered or certified mail, or deliver to the Insurance Commissioner written…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 insurance companies generally or relating to the powers or duties of the commissioner. No corporation doing title insurance business may do any o…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 boiler and machinery insurance, may issue any or all of its policies with or without participation in profits, savings or unabsorbed portions of premiums, may classify policies issued…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 under chapter 207 shall, in accordance with section 38a-48, annually pay to the Insurance Commissioner, for deposit in the Insurance Fund established under section 38a-52a, an amount equal to: (1) The actual expenditures made by the In…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 thirtieth, annually, the Commissioner of Revenue Services shall render to the Insurance Commissioner a statement certifying the amount of taxes or charges imposed on each domestic insurance company or other domestic entity under chapter 207 on business done in this state during the preceding calen…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 shall annually reimburse the state for the costs of such examinations. The total cost of all examinations conducted during the fiscal year, including supervision and other overhead, sh…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 are valued by the Insurance Commissioner shall annually reimburse the state for the costs of such valuations. The total cost of all valuations during the fiscal…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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-50 a statement of the total cost of examinations or valuations, as the case may be, for the preceding fiscal year ending June thirtieth, together with proposed as…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 because of any assessment levied under the provisions of sections 38a-49 to 38a-51, inclusive, or (3)…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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. The interest derived from the investment of the fund shall be credited to the fund…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 commissioner, by electronically filing with the National Association of Insurance Commissioners, a true and complete report, signed and sworn to by its president or a vice president,…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 transact insurance in this state shall annually on or before March first of each year, file electronically with the National Association of Insurance Commissioners a copy of its annual statement convention blank, along with such additional filings as prescribed by…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 financial report with the commissioner, and electronically to the Nati…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 consent of the Insurance Commissioner. This prohibition shall not apply to obligat…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 entry or memorandum upon any book, paper, report or statement of any insurance company, with intent to deceive…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 adequately protecting the insured.

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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.

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 insurance may, upon approval of the commissioner in accordance with all applicable provisions of the general statutes, become a domestic insurer. Such insurer shall comply with all…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 capital formula set forth in subsection (d) of section 38a-72 and reg…

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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.

ConnecticutInsurerseffective

Conn. Gen. Stat. § 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 transact the business of insurance in the United States by: (1) Qualifying its United States branch as an insurer licensed to do business in this state in accordance with section 38a-41; and (2) Establishing a tru…

ConnecticutInsurerseffective

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