reglab/housing_qa huggingface dataset:
CT Gen Stat § 38a-92e (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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 Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions.(P.A. 93-136, S. 6; P.A. 00-30, S. 8, 14.)History: P.A. 00-30 added requirement that unearned premium reserve be “calculated in accordance with the accounting requirements of the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions”, and deleted prior method for calculating unearned premium reserve, effective January 1, 2001.
CT Gen Stat § 38a-92f (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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, that any prospectus or other offering document which discloses that a policy of financial guaranty insurance has been issued also discloses that in the event the financial guaranty corporation were to become insolvent, any claims arising under the policies of financial guarantee insurance are excluded from coverage by the Connecticut Insurance Guaranty Association.(P.A. 93-136, S. 7.)
CT Gen Stat § 38a-92g (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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) The following guaranties are permissible: Financial guaranty insurance shall be written only to insure timely payment of contractual obligations, including principal and interest, purchase obligations, dividends or any other payment obligation such as: (1) Municipal obligation bonds; (2) special revenue bonds; (3) industrial development bonds; (4) corporate obligations; (5) partnership obligations; (6) asset-backed securities, trust certificates and trust obligations other than mortgage-backed securities secured by mortgages on real property which are insurable by a mortgage guaranty insurer, unless: (A) The mortgage loans with loan-to-value ratios in excess of eighty per cent are insured by mortgage guaranty insurers licensed in this state or mortgage guaranty insurers licensed under the laws of any other state if that insurer has a claims paying rating of investment grade from a securities rating agency acceptable to the commissioner, or (B) additional mortgage loans with principal balances, collateral with a market value or excess spread reasonably projected to be an amount at least equal to the coverage that would otherwise be provided by those mortgage guaranty insurers in accordance with subparagraph (A) of this subdivision are pledged as additional support for the asset-backed securities; (7) installment purchase agreements executed as a condition of sale; (8) consumer debt obligations; (9) utility first mortgage obligations; and (10) any other debt instrument or monetary obligation that the commissioner determines to be substantially similar.(P.A. 93-136, S. 8.)
CT Gen Stat § 38a-92h (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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 changes in the credit risk or performance of the insured on the obligation and all materials pertaining to the examination of the condition of collateral, assets or other security and any other materials requested by the commissioner. All those materials shall be maintained for the entire period during which the insurance is in force and shall be available for examination upon request by the commissioner or by any rating agency approved by the commissioner.(P.A. 93-136, S. 9.)
CT Gen Stat § 38a-92i (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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 shall be investment grade.(b) The financial guaranty insurance corporation shall at all times maintain capital, surplus and contingency reserve in the aggregate no less than the sum of the following:(1) 0.3333 per cent of the total net liability under guaranties of municipal bonds and utility first mortgage obligations;(2) 0.6666 per cent of the total net liability under guaranties of investment grade asset-backed securities;(3) 1.0 per cent of the total net liability under guaranties secured by collateral or having a term of seven years or less of: (A) Investment grade industrial development bonds, and (B) other investment grade obligations;(4) 1.5 per cent of the total net liability under guaranties of other investment grade obligations;(5) 2.0 per cent of the total net liability under guaranties of: (A) Noninvestment grade consumer debt obligations, and (B) noninvestment grade asset-backed securities;(6) 3.0 per cent of the total net liability under guaranties of noninvestment grade obligations secured by first mortgages on commercial real estate and having loan-to-value ratios of eighty per cent or less;(7) 5.0 per cent of the total net liability under guaranties of other noninvestment grade obligations;(8) If the amount of collateral required by subdivision (3) of this subsection is no longer maintained, that proportion of the obligation insured which is not so collateralized shall be subject to the aggregate limits specified in subdivision (4) of this subsection; and(9) Additional surplus determined by the commissioner to be adequate to support the writing of surety insurance if the financial guaranty insurance corporation has been licensed to transact surety insurance.(P.A. 93-136, S. 10.)
CT Gen Stat § 38a-92k (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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 immediately notify the commissioner in writing. Upon receipt of the written notification, or if the commissioner has reason to believe that any such limitation has been exceeded, he may issue an order to show cause why the financial guaranty insurance corporation should not cease transacting any new financial guaranty insurance business. If the commissioner issues such an order, the commissioner shall serve notice of the hearing with the order to the financial guaranty insurance corporation stating the time and place and the conduct, condition or grounds upon which the commissioner has made the order. The hearing shall occur not less than twenty nor more than thirty days after notice is served. At the hearing, the burden to show cause why the financial guaranty insurance corporation should not cease transacting new financial guaranty insurance business shall be borne solely by the financial guaranty insurance corporation.(b) If the commissioner does not issue an order upon receiving written notice pursuant to subsection (a) of this section, the financial guaranty insurance corporation shall, within thirty days after any limitation is breached, submit a written plan to the commissioner detailing the steps that it will take or has taken to reduce its exposure to loss to no more than the amounts allowed in sections 38a-92i and 38a-92j. If, after review of the written plan, the commissioner determines that the corporation has not presented reasonable steps to reduce its exposure to loss to not more than the amounts allowable, the commissioner may issue an order to show cause following the same procedures as prescribed in subsection (a) of this section.(c) If, after notice and hearing pursuant to subsection (a) or (b) of this section, the commissioner determines that the financial guaranty insurance corporation has exceeded any limitation prescribed by section 38a-92i or 38a-92j, the commissioner may order the corporation to cease transacting any new financial guaranty insurance business until its exposure to loss no longer exceeds these limitations.(d) The provisions of this section shall not limit the authority of the commissioner under any other provision of this title.(P.A. 93-136, S. 12.)
CT Gen Stat § 38a-92n (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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. Immediately upon filing, the financial guaranty insurance corporation may utilize any such policy form or amendment, unless and until the commissioner disapproves of the policy forms or amendments filed. Filings that otherwise comply with this section and that the commissioner does not disapprove within thirty days of filing shall be deemed approved.(b) Each policy shall provide that there shall be no acceleration of payments due under the policy with respect to guaranteed obligations except at the option of the financial guaranty insurance corporation. For purposes of this subsection, “acceleration of payments” means any acceleration of a payment by reason of a payment default or insolvency of the obligor whose obligation is guaranteed or insured.(c) Each policy shall contain a statement that in the event the insurer becomes insolvent, any claims arising under the policy of financial guaranty insurance are excluded from coverage by the Connecticut Insurance Guaranty Association.(d) The commissioner may prescribe additional minimum policy provisions determined by the commissioner to be necessary or appropriate to protect policyholders, claimants, obligees or indemnitees.(P.A. 93-136, S. 15; P.A. 14-122, S. 165.)History: P.A. 14-122 made a technical change in Subsec. (b).
CT Gen Stat § 38a-102a (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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 excess and then only to the extent all such excess investments in the aggregate exceed fifty per cent of the amount by which capital and surplus exceeds the minimum requirements for such company.(b) Whenever a domestic insurer, as defined in section 38a-1, holds nonadmitted investment assets exceeding fifty per cent of the amount by which capital and surplus exceeds the minimum requirements for such company or whenever the investments in any category exceed twice the limitations imposed thereon, the Insurance Commissioner may, after reasonable notice to and hearing of such company, direct the orderly divestiture of any or all of such excess. In addition to such an order, the Insurance Commissioner may require the chief investment officer, or in the absence of any such designee, the chief executive officer, of such company to affix to each financial statement required to be filed with the commissioner, a certification that any such order has been complied with or containing the details and explanation of any noncompliance.(P.A. 91-262, S. 2, 19.)
CT Gen Stat § 38a-102e (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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 or a committee thereof responsible for supervising or making such loan or investment or by committees or persons pursuant to a delegation of authority. The terms and limitations of any delegation of authority by the board of directors or any committee shall be by its actions which are duly recorded.(P.A. 91-262, S. 6, 19.)
CT Gen Stat § 38a-102f (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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 any stocks or securities to or by such domestic insurer.(P.A. 91-262, S. 7, 19.)
CT Gen Stat § 38a-102g (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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 of investments as specified in sections 38a-102 to 38a-102h, inclusive, for domestic insurers, except that other investments authorized by the law of such an insurer's state or country of domicile, may be recognized as admitted assets at the discretion of the commissioner.(P.A. 91-262, S. 8, 19.)
CT Gen Stat § 38a-102h (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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 indirectly, from a conflict of interest arising from their position in or special knowledge of the company. Such policy and procedures shall be maintained for inspection by the commissioner at the principal office of the insurer and shall be filed with the commissioner upon his request and along with any application for authority to do business within this state.(P.A. 91-262, S. 9, 19.)
CT Gen Stat § 38a-102i (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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.)
CT Gen Stat § 38a-117. (Formerly Sec. 38-68a) (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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 carrying any warrant or right to subscribe to or to purchase such a security, or any such warrant or right, or any other security which the Insurance Commissioner shall deem to be of similar nature and consider necessary or appropriate, by such regulations as he may prescribe in the public interest or for the protection of investors, to treat as an equity security.(February, 1965, P.A. 273, S. 1; P.A. 77-614, S. 163, 610; P.A. 80-482, S. 283, 348.)History: P.A. 77-614 placed insurance commissioner within the department of business regulation and made insurance department a division within that department, effective January 1, 1979; P.A. 80-482 restored insurance commissioner and division to prior status and abolished the department of business regulation; Sec. 38-68a transferred to Sec. 38a-117 in 1991.Annotation to former section 38-68a:Cited. 207 C. 77.
CT Gen Stat § 38a-118. (Formerly Sec. 38-68b) (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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 officer, as defined by the Insurance Commissioner, or a director of such company shall file in the office of the commissioner on or before December 31, 1965, or within ten days after he becomes such beneficial owner, director or officer, whichever is later, a statement, in such form as the commissioner may prescribe, of the amount of all equity securities of such company of which he is the beneficial owner, and within ten days after the close of each calendar month thereafter, if there has been a change in such ownership during such month, shall file in the office of the commissioner a statement, in such form as the commissioner may prescribe, indicating his ownership at the close of the calendar month and such changes in his ownership as have occurred during such calendar month.(February, 1965, P.A. 273, S. 2; P.A. 77-614, S. 163, 610; P.A. 80-482, S. 284, 348.)History: P.A. 77-614 placed insurance commissioner within the department of business regulation and made insurance department a division within that department, effective January 1, 1979; P.A. 80-482 restored insurance commissioner and division to prior independent status and abolished the department of business regulation; Sec. 38-68b transferred to Sec. 38a-118 in 1991.Annotation to former section 38-68b:Cited. 207 C. 77.
CT Gen Stat § 38a-119. (Formerly Sec. 38-68c) (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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 domestic stock insurance company, any profit realized by him from any purchase and sale, or any sale and purchase, of any equity security of such company within any period of less than six months, unless such security was acquired in good faith in connection with a debt previously contracted, shall inure to and be recoverable by the company, irrespective of any intention on the part of such beneficial owner, director or officer in entering into such transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding six months. Suit to recover such profit may be instituted at law or in equity in any court of competent jurisdiction by the company or by the owner of any security of the company in the name and on behalf of the company if the company fails or refuses to bring such suit within sixty days after written request or fails diligently to prosecute the same thereafter; but no such suit shall be brought more than two years next after the filing with the commissioner of the report showing that the profit was realized. This section shall not be construed to cover any transaction where such beneficial owner was not such both at the time of the purchase and sale, or the sale and purchase, of the security involved, or any transaction or transactions which the commissioner by regulations may exempt as not comprehended within the purpose of this section.(February, 1965, P.A. 273, S. 3; P.A. 10-32, S. 116.)History: Sec. 38-68c transferred to Sec. 38a-119 in 1991; P.A. 10-32 made a technical change, effective May 10, 2010.Annotation to former section 38-68c:Cited. 207 C. 77.
CT Gen Stat § 38a-120. (Formerly Sec. 38-68d) (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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 (ii) if, owning the security, does not deliver it against such sale within twenty days thereafter, or does not within five days after such sale deposit it in the mails or other usual channels of transportation; but no person shall be deemed to have violated this section if he proves that, notwithstanding the exercise of good faith, he was unable to make such delivery or deposit within such time, or that to do so would cause undue inconvenience or expense.(February, 1965, P.A. 273, S. 4.)History: Sec. 38-68d transferred to Sec. 38a-120 in 1991.Annotation to former section 38-68d:Cited. 207 C. 77.
CT Gen Stat § 38a-121. (Formerly Sec. 38-68e) (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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 company not then or theretofore held by him in any investment account, by a dealer in the ordinary course of his business and incident to the establishment or maintenance by him of a primary or secondary market for such security. The commissioner may, by such regulations as he deems necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.(February, 1965, P.A. 273, S. 5.)History: Sec. 38-68e transferred to Sec. 38a-121 in 1991.Annotation to former section 38-68e:Cited. 207 C. 77.
CT Gen Stat § 38a-122. (Formerly Sec. 38-68f) (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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 in order to carry out the purposes of sections 38a-117 to 38a-124, inclusive.(February, 1965, P.A. 273, S. 6.)History: Sec. 38-68f transferred to Sec. 38a-122 in 1991.Annotation to former section 38-68f:Cited. 207 C. 77.
CT Gen Stat § 38a-123. (Formerly Sec. 38-68g) (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 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, or shall be required to be registered, pursuant to section 12 of the Securities Exchange Act of 1934, as amended, or (ii) such domestic stock insurance company shall not have any class of its equity securities held of record by one hundred or more persons on the last business day of the year next preceding the year in which equity securities of the company would be subject to the provisions of sections 38a-118, 38a-119 and 38a-120 except for the provisions of this subdivision (ii).(February, 1965, P.A. 273, S. 7.)History: Sec. 38-68g transferred to Sec. 38a-123 in 1991.Annotation to former section 38-68g:Cited. 207 C. 77.