reglab/housing_qa huggingface dataset:
CT Gen Stat § 38a-83. (Formerly Sec. 38-43) (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 38a-83. (Formerly Sec. 38-43) - Securities required by other states deposited with State Treasurer.

 (a) When any state requires insurance companies of other states to deposit with some officer of such other state securities in trust for policyholders of the companies as a prerequisite to their transacting business in that state, the Treasurer of this state may receive on deposit from any domestic insurance company the securities required by the laws of that other state. The legal title to the securities shall be transferred to the Treasurer in trust for the policyholders of the insurance company, and the Treasurer shall hold the securities in trust for the policyholders. The insurance company may collect and receive the interest and dividends on the securities and may withdraw the securities on depositing with the Treasurer other securities of like character and par value. The Treasurer shall issue a certificate, under seal, of any such deposit for each state which requires such a certificate, which shall state the items and the par value of securities deposited. The Treasurer shall charge a fee of thirty-five dollars to the insurance company for each certificate so issued.(b) Any insurance company which has deposited securities with the State Treasurer, has caused all of its unexpired policies to be paid, cancelled or reinsured, and all of its liabilities under such policies to be extinguished or to be assumed by some other responsible company having a similar deposit with the treasurer or with the proper officer of some other state, or has subsequently made a similar deposit of the sum required with the proper officer of some other state, may apply to the Treasurer for a return of such deposited securities. The Treasurer, on receipt of an application from the company, verified by the oath of its president or secretary, and on being satisfied by an examination of the company's books, and of its officers under oath, that all of the company's policies are so paid, cancelled, extinguished or reinsured, or that such subsequent deposit was duly made and has not since been withdrawn, as evidenced by a certificate from the proper officer of such other state, shall deliver such securities to the company.(1949 Rev., S. 6046; P.A. 74-32, S. 1; P.A. 90-243, S. 16; P.A. 91-68, S. 2.)History: P.A. 74-32 rephrased certificate provisions re par value to delete reference to market value and treasurer's statement that he is satisfied market value is accurately represented; P.A. 90-243 divided section into Subsecs. and authorized state treasurer to receive, on deposit, legal title to securities required to be collected by the laws of other states as a prerequisite of doing business in that state, to hold the securities in trust for the policyholders and to return all deposited securities once all obligations have been met; Sec. 38-43 transferred to Sec. 38a-83 in 1991; P.A. 91-68 imposed a $35 fee for each certificate.
CT Gen Stat § 38a-84. (Formerly Sec. 38-47) (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 38a-84. (Formerly Sec. 38-47) - Securities to be delivered to receiver.

 Whenever a receiver is appointed in this state of any insurance company which has deposited securities with the State Treasurer in trust for the policyholders of such company, the court to which such receiver is accountable shall, after finding that such receiver has qualified, authorize such receiver to receive the securities so deposited; and the State Treasurer, when tendered by such receiver a certified copy of the order authorizing such receiver to receive such securities, shall transfer and deliver such securities to such receiver; and such receiver shall administer the trust fund invested in such securities for the benefit of the policyholders of such company under the orders of the court to which such receiver is accountable.(1949 Rev., S. 6050.)History: Sec. 38-47 transferred to Sec. 38a-84 in 1991.Annotation to former section 38-47:Disposition of income received after securities delivered to receiver. 78 C. 442.
CT Gen Stat § 38a-87 (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 38a-87 - Qualified United States financial institutions.

 For purposes of those provisions of sections 38a-85 to 38a-89, inclusive, specifying those institutions that are eligible to act as a fiduciary of a trust, “qualified United States financial institution” means an institution that (1) is organized or, in the case of a United States branch or agency office of a foreign banking organization, licensed, under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers and (2) is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies.(P.A. 90-41, S. 3, 6; P.A. 12-139, S. 6.)History: P.A. 12-139 deleted former Subsec. (a) re definition of “qualified United States financial institution” for purposes of Sec. 38a-86(3), deleted Subsec. (b) designator and made a technical change.
CT Gen Stat § 38a-88 (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 38a-88 - Regulations.

 (a) The commissioner shall adopt regulations in accordance with the provisions of chapter 54 to implement the provisions of sections 38a-85 to 38a-89, inclusive.(b) (1) The commissioner may adopt regulations in accordance with the provisions of chapter 54 to establish, in addition to the requirements of sections 38a-85 and 38a-86, requirements relating to or setting forth (A) the valuation of assets or reserve credits, (B) the circumstances under which credit will be reduced or eliminated, and (C) the amounts and forms of security supporting reinsurance agreements relating to (i) life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits, (ii) universal life insurance policies with provisions that permit a policyholder to keep such policy in force over a secondary guarantee period, (iii) variable annuities with guaranteed death or living benefits, (iv) long-term care insurance policies, or (v) any other life insurance, health insurance or annuity products for which the National Association of Insurance Commissioners adopts model regulatory credit for reinsurance requirements.(2) Any regulation adopted pursuant to subdivision (1) of this subsection that relates to policies described in subparagraph (C)(i) or (C)(ii) of subdivision (1) of this subsection may apply to reinsurance agreements that include such policies issued on or after January 1, 2015, and such policies issued prior to January 1, 2015, if risk pertaining to such policies is ceded, in whole or in part, in connection with such agreement on or after January 1, 2015.(3) Any regulations adopted pursuant to subdivision (1) of this subsection:(A) May require the ceding insurer, in calculating the amounts or forms of security supporting reinsurance agreements, to use the Valuation Manual, as defined in section 38a-78, in effect on the date such calculation is made, to the extent applicable; and(B) Shall not apply to cessions to an assuming insurer (i) that is certified as a reinsurer in accordance with the provisions of section 38a-85a, or (ii) (I) that maintains at least two hundred fifty million dollars in capital and surplus, determined in accordance with the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, including all amendments adopted by the National Association of Insurance Commissioners and excluding the impact of any permitted or prescribed practices, and (II) is licensed in at least twenty-six states, or is licensed in at least ten states and licensed or accredited in a total of at least thirty-five states.(P.A. 90-41, S. 4, 6; P.A. 17-59, S. 3.)History: P.A. 17-59 designated existing provisions re commissioner to adopt regulations as Subsec. (a) and added Subsec. (b) re commissioner may adopt regulations re credits for reinsurance.
CT Gen Stat § 38a-88b (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 38a-88b - Applicability of section 38a-88a.

 (a) The provisions of section 38a-88a of the general statutes, revision of 1958, revised to January 1, 1997, shall apply to any fund established prior to June 1, 1997, or to any fund which is formed on or after June 1, 1997, in connection with a memorandum of understanding executed by and among the fund manager, the investors and either the Commissioner of Revenue Services or the Insurance Commissioner prior to June 1, 1997.(b) The provisions of section 38a-88a, as amended by section 1 of public act 97-292, shall only apply to any fund established under section 38a-88a of the general statutes, revision of 1958, revised to January 1, 1997, to investments made by such a fund and to credits earned by such a fund if the fund manager of such fund notifies the Commissioner of Economic and Community Development that such fund wishes to be designated as a fund subject to said section 38a-88a, as amended by section 1 of public act 97-292.(c) Notwithstanding the provisions of subsection (a) of this section, the provisions of subdivision (1) and subparagraph (C) of subdivision (8) of subsection (b) of section 38a-88a and subdivision (1) of subsection (g) of section 38a-88a shall be applicable to all funds.(P.A. 97-292, S. 3, 4; 97-295, S. 22, 25; P.A. 98-262, S. 14, 22; June Sp. Sess. P.A. 01-6, S. 81, 85; P.A. 02-24, S. 2; P.A. 04-10, S. 4; P.A. 17-244, S. 3.)History: P.A. 97-292 effective July 8, 1997, and applicable to income years of taxpayers commencing on or after January 1, 1997; P.A. 97-295 amended Subsec. (a) to specify execution of memorandum of understanding by either Commissioner of Revenue Services or Insurance Commissioner rather than by both commissioners, effective July 8, 1997, and applicable to income years commencing on or after January 1, 1998; P.A. 98-262 revised effective date of P.A. 97-295, but without affecting this section; June Sp. Sess. P.A. 01-6 amended Subsec. (c) to add a reference to Sec. 38a-88a(i)(3), effective July 1, 2001; P.A. 02-24 amended Subsec. (c) to delete “as amended by section 1 of public act 97-292”; P.A. 04-10 made a technical change in Subsec. (c); P.A. 17-244 amended Subsec. (c) to replace “subsections (b) and (1) of section 38a-88a and subdivision (3) of subsection (i)” with “subdivision (1) and subparagraph (C) of subdivision (8) of subsection (b) of section 38a-88a and subdivision (1) of subsection (g)”, effective July 1, 2017.
CT Gen Stat § 38a-89 (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 38a-89 - Reinsurance agreements affected.

 Sections 38a-85 to 38a-88, inclusive, shall apply to reinsurance agreements which have had an inception, anniversary or renewal date not less than six months after January 1, 1991, with respect to all cessions under such agreements after such inception, anniversary or renewal date.(P.A. 90-41, S. 5, 6.)
CT Gen Stat § 38a-90 (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 38a-90 - Short title: Managing General Agents Act.

 Sections 38a-90 to 38a-90h, inclusive, may be cited as the “Managing General Agents Act”.(P.A. 91-262, S. 10, 19.)
CT Gen Stat § 38a-90a (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 38a-90a - Definitions.

 As used in sections 38a-90 to 38a-90h, inclusive:(1) “Actuary” means a person who is a member in good standing of the American Academy of Actuaries.(2) (A) “Managing general agent” means any person, firm, association or corporation who manages all or part of the insurance business of an insurer, including the management of a separate division, department or underwriting office and acts as an agent for such insurer whether known as a managing general agent, manager or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium which is equal to or more than five per cent of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year together with one or more of the following activities related to the business produced: (i) Adjusts or pays claims in excess of an amount determined by the commissioner; or (ii) negotiates reinsurance on behalf of the insurer.(B) Notwithstanding subparagraph (A) of this subdivision, the following persons shall not be considered as managing general agents for the purposes of sections 38a-90 to 38a-90h, inclusive: (i) Any employee of the insurer; (ii) a United States manager of the United States branch of an alien insurer, as defined in section 38a-1; (iii) an underwriting manager who, pursuant to contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, subject to the Holding Company Regulatory Act, and whose compensation is not based on the volume of premiums written; and (iv) the attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney.(3) “Underwrite” means the authority to accept or reject risk on behalf of the insurer.(P.A. 91-262, S. 11, 19; P.A. 93-57, S. 3; 93-239, S. 19; P.A. 94-39, S. 2; P.A. 14-235, S. 1.)History: P.A. 93-57 redefined “managing general agent” to eliminate the requirement of negotiating and finding ceding reinsurance contracts on behalf of an insurer and certain technical corrections for clarity; P.A. 93-239 redefined “managing general agent” to require only 5% of the policyholder surplus in lieu of 10% and to delete a provision excluding managers of insurers engaging in joint underwriting or joint reinsurance from consideration as managing general agents; P.A. 94-39 redefined “managing general agent” to specifically exclude attorneys-in-fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney; P.A. 14-235 redesignated existing Subdivs. (a), (b) and (c) as Subdivs. (1), (2) and (3) and made technical changes.
CT Gen Stat § 38a-90b (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 38a-90b - Licensing of managing general agents.

 (a) No person, firm, association or corporation shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless such person is licensed as a producer and holds an appointment by the insurer in this state.(b) No person, firm, association or corporation shall act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless such person is licensed as a producer and holds an appointment by the insurer in this state. A nonresident license is sufficient for this purpose.(c) The commissioner may require a bond in a reasonable amount for the protection of the insurer.(d) The commissioner may require the managing general agent to maintain an errors and omissions policy.(P.A. 91-262, S. 12, 19; P.A. 94-160, S. 2, 24.)History: P.A. 94-160 replaced references to agents with references to producers, effective January 1, 1996.
CT Gen Stat § 38a-90d (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 38a-90d - Duties of the insurer.

 (a) The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each managing general agent with which it has done business.(b) If a managing general agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the managing general agent. This shall be in addition to any other required loss reserve certification.(c) The insurer shall semiannually conduct an on-site review of the underwriting and claims processing operations of the managing general agent.(d) Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicates shall rest with an officer of the insurer, who shall not be affiliated with the managing general agent.(e) Within thirty days of entering into or termination of a contract with a managing general agent, the insurer shall provide written notification of such appointment or termination to the commissioner. Notices of appointment of a managing general agent shall include a statement of duties which the applicant is expected to perform on behalf of the insurer, the lines of insurance for which the applicant is authorized to act and any other information the commissioner may require.(f) An insurer shall review its books and records each quarter to determine if any agent has become, by operation of subdivision (2) of section 38a-90a, a managing general agent. If the insurer determines that an agent has become a managing general agent, the insurer shall promptly notify the agent of such determination and the insurer and agent shall fully comply with the provisions of sections 38a-90 to 38a-90h, inclusive, not later than thirty days after such determination.(g) An insurer shall not appoint to its board of directors an officer, director, employee or controlling shareholder of its managing general agents. This subsection shall not apply to any relationships governed by the Insurance Holding Company Act or, if applicable, the Broker Controlled Insurer Act.(P.A. 91-262, S. 14, 19; P.A. 14-235, S. 2.)History: P.A. 14-235 made technical changes in Subsec. (f).
CT Gen Stat § 38a-90e (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 38a-90e - Acts of managing general agent considered to be acts of insurer. Examination of the managing general agent.

 The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer.(P.A. 91-262, S. 15, 19.)
CT Gen Stat § 38a-90f (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 38a-90f - Violations of the Managing General Agents Act. Hearing and notices. Fines. Loss or damage due to noncompliance rehabilitation or liquidation. Civil actions and other relief.

 (a) If the commissioner finds after reasonable notice and hearing that the managing general agent or any other person has not materially complied with any provision of sections 38a-90 to 38a-90h, inclusive, or any regulation or order adopted thereunder, the commissioner may order: (1) For each separate violation, a penalty in an amount of fifteen thousand dollars, and (2) revocation or suspension of the person's insurance license.(b) If he finds that because of such material noncompliance the insurer has suffered any loss or damage, the commissioner may maintain a civil action brought by or on behalf of the insurer and its policyholders and creditors for recovery of compensatory damages for the benefit of the insurer and its policyholders and creditors or other appropriate relief.(c) If an order of rehabilitation or liquidation of the insurer has been entered pursuant to section 38a-915 or section 38a-920, and the receiver appointed under that order determines that the managing general agent or any other person has not materially complied with sections 38a-90 to 38a-90h, inclusive, or any regulation or order promulgated thereunder, and the insurer has suffered any loss or damage therefrom, the receiver may maintain a civil action for recovery of damages or other appropriate relief for the benefit of the insurer and its policyholders and creditors.(d) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in the provisions of this title.(e) Nothing contained in sections 38a-90 to 38a-90h, inclusive, shall in any manner limit or restrict the rights of policyholders, claimants and auditors.(P.A. 91-262, S. 16, 19; P.A. 93-57, S. 4; May 25 Sp. Sess. P.A. 94-1, S. 30, 130; P.A. 96-193, S. 2, 36; P.A. 08-178, S. 5.)History: P.A. 93-57 amended Subsec. (a) to make technical corrections for clarity, inserted new Subsecs. (b) and (c) to address loss or damage due to noncompliance and re provisions governing civil action for recovery of damages or relief when an order of rehabilitation or liquidation has been entered and relettered existing Subsecs. (b) and (c) as (d) and (e); May 25 Sp. Sess. P.A. 94-1 amended Subsecs. (b) and (c) by making technical grammatical changes, effective July 1, 1994; P.A. 96-193 amended Subsec. (a) to substitute “person's insurance” for “agent's”, effective June 3, 1996; P.A. 08-178 amended Subsec. (a) by making technical changes and increasing penalty from $10,000 to $15,000.
CT Gen Stat § 38a-90g (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 38a-90g - Regulations.

 The Insurance Commissioner may adopt such reasonable regulations as he deems necessary in accordance with chapter 54 to carry out the purposes of sections 38a-90 to 38a-90h, inclusive.(P.A. 91-262, S. 17, 19.)
CT Gen Stat § 38a-90h (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 38a-90h - Utilization of managing general agent's services. Exceptions.

 No insurer may continue to utilize the services of a managing general agent on and after January 1, 1992, unless such utilization is in compliance with sections 38a-90 to 38a-90g, inclusive, or unless the commissioner extends the time for such compliance.(P.A. 91-262, S. 18, 19.)
CT Gen Stat § 38a-91 (2020)
2020 Connecticut General Statutes|Title 38a - Insurance|Chapter 698 - Insurers|Section 38a-91 - Definitions.

 As used in sections 38a-91 to 38a-91d, inclusive:(1) “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners.(2) “Captive insurer” means an insurance company owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, an insurance organization owned by the insureds whose exclusive purpose is to insure risks of member organizations and group members and their affiliates.(3) “Control” or “controlled” has the meaning assigned in section 38a-129.(4) “Controlled insurer” means a licensed insurer which is controlled, directly or indirectly, by a producer.(5) “Controlling producer” means a producer who, directly or indirectly, controls an insurer.(6) “Licensed insurer” or “insurer” means any person, firm, association or corporation duly licensed pursuant to section 38a-41 to transact a property casualty insurance business in this state. The terms “licensed insurer” or “insurer” does not include any captive insurer except for a risk retention group, as defined in section 38a-91aa.(7) “Producer” has the same meaning as “insurance producer” as provided in section 38a-702a.(P.A. 92-112, S. 8, 35; P.A. 96-193, S. 3, 36; P.A. 01-113, S. 23, 42; P.A. 14-6, S. 8; 14-122, S. 164.)History: P.A. 96-193 redefined “producer”, effective June 3, 1996; P.A. 01-113 amended definition of “producer” in Subdiv. (7) to make a technical change and substitute “section 38a-702a” for “section 38a-702”, effective September 1, 2002; P.A. 14-6 redefined “licensed insurer” in Subdiv. (6); P.A. 14-122 made technical changes in Subdiv. (7).