reglab/statecodes huggingface dataset:
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700a - Title Insurance › Section 38a-412. - Investments.

(a) A domestic title insurer may invest in title plants. For determination of the financial condition of such a title insurer, title plants will be treated as an asset valued at actual cost to the title insurer, not to exceed fifty per cent of the surplus as regards to its policyholders as shown on the most recent annual statement of the title insurer.
(b) Any investment of a domestic title insurer acquired before October 1, 1990, and which, under this section, would be considered ineligible as an investment on that date shall be disposed of within two years of October 1, 1990. The commissioner, upon application and proof that forced sale of any such investment would be contrary to the best interests of the title insurer or its policyholders, may extend the period for disposal of the investment for a reasonable time.
(P.A. 90-218, S. 13.)
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700a - Title Insurance › Section 38a-413. - Title agent licensing, exemptions.

Title insurers and title insurance agents shall not be subject to the provisions of sections 38a-704 and 38a-769.
(P.A. 90-218, S. 14; P.A. 96-193, S. 35, 36.)
History: P.A. 96-193 replaced the existing language with a provision exempting title insurers and agents from the provisions of Secs. 38a-704 and 38a-769, effective June 3, 1996.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700a - Title Insurance › Section 38a-414. - Prohibition on rebates and inducements.

(a) No title insurer or title agent shall (1) pay, directly or indirectly, to the insured, to any producer of title insurance business, to any associate of a producer or to any other person other than another title agent, any commission, any part of its premiums, fees or other charges or any other consideration or thing of value as inducement or compensation for the referral of title insurance business or (2) issue any title insurance policy in connection with any transaction in which it has paid or intends to pay any commission or any part of its premiums, fees or other charges, or any other consideration or thing of value which it knows to be in violation of this section.
(b) No insured named in a title insurance policy, no producer of title insurance business, no associate of a producer, nor any other person, other than another title agent, may knowingly receive or accept, directly or indirectly, any commission, rebate, consideration, thing of value or inducement referred to in subsection (a) of this section.
(c) Nothing in this section shall be construed as prohibiting reasonable payments for services actually rendered to either a title insurer or a title agent in connection with title insurance business.
(P.A. 90-218, S. 15.)
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700a - Title Insurance › Section 38a-415. - Division of premiums and charges.

(a) Nothing in sections 38a-400 to 38a-425, inclusive, shall be construed as prohibiting the division of premiums and charges between or among a title insurer and its title agent, two or more title insurers and their title agents, two or more title insurers, one or more title insurers and one or more title agents, or two or more title agents, provided such division of premiums and charges does not constitute (1) an unlawful rebate or inducement under the provisions of said sections or (2) payment of a forwarding fee or finder's fee.
(b) Notwithstanding subsection (a) of this section, for any title insurance policy issued after October 1, 1990, no title insurer shall pay to any title insurance agent or permit such agent to retain any amount exceeding sixty per cent of the gross premium for any policy of the title insurer issued by such agent. The maximum commission to a title insurance agent shall not be increased directly or indirectly by an insurer providing anything of value, including services, to an agent for less than the actual cost or fair market value.
(P.A. 90-218, S. 16; P.A. 91-357, S. 60, 78; 91-407, S. 10, 42.)
History: P.A. 91-357 and P.A. 91-407 both amended Subsec. (b) by adding identical prohibitions on increasing maximum commission of title insurance agent by an insurer providing anything of value or less than its actual cost or fair market value.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700a - Title Insurance › Section 38a-416. - Disclosure of financial interest.

(a) No title insurer or title insurance agent may accept any order for, issue a title insurance policy to, or provide services to, an applicant if such insurer or agent knows or has reason to believe that the applicant was referred to such insurer or agent by any producer of title insurance business or by any associate of such producer, where the producer, the associate or both, have a financial interest in the title insurer or title agent to which business is referred unless the producer has disclosed to the buyer, seller, lender, the financial interest of the producer of title insurance business or associate referring the title insurance business. The disclosure shall be made in writing on forms prescribed by the commissioner. The title insurer shall maintain the disclosure forms for a period of three years.
(b) Each title insurer and title agent shall file with the commissioner on forms prescribed by the commissioner a report setting forth the names and addresses of those persons, if any, who have had a financial interest in the title insurer or title agent during the calendar year, who are known or reasonably believed by the title insurer to be producers of title business or associates of producers. Each title insurer licensed on October 1, 1990, shall file the report required under this subsection within ninety days after October 1, 1990. Each title insurer shall file the report required under this subsection with its application for a license and at any time there is a change in the information provided in the last report.
(c) No title insurer or title agent may accept an order for title insurance business, issue a title insurance policy or receive or retain any premium, or charge in connection with any transaction if (1) the title insurer or title agent knows or has reason to believe that the transaction will constitute controlled business for that title insurer, and (2) twenty per cent or more of the gross operating revenue of that title insurer in the calendar year in which the transaction takes place is derived from controlled business.
(d) No license may be issued, renewed or continued for a title insurer or title agent who fails to comply with this section.
(P.A. 90-218, S. 17; P.A. 13-134, S. 14; P.A. 14-235, S. 21.)
History: P.A. 13-134 deleted former Subsec. (d) re percentage limitation for conflict of interest provision and redesignated existing Subsec. (e) as Subsec. (d); P.A. 14-235 made technical changes in Subsec. (a).
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700a - Title Insurance › Section 38a-417. - Favored title agent or insurer.

The provisions of section 38a-816 shall govern relationships which favored agents or insurers.
(P.A. 90-218, S. 18; P.A. 04-10, S. 7.)
History: P.A. 04-10 made a technical change.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700a - Title Insurance › Section 38a-418. - Premium rate standards.

(a) Premium rates shall not be inadequate, excessive, or unfairly discriminatory.
(b) Rates are excessive if in the aggregate they are likely to produce a long run profit that is unreasonably high in relation to the risk of the class of business, or if expenses are unreasonably high in relation to the services rendered.
(c) Rates are inadequate if they are clearly insufficient, together with investment income attributable to them, to sustain projected losses and expenses, or if the continued use of such fees will unfairly have the effect of substantially lessening competition or of tending to create a monopoly.
(d) Premium rates are unfairly discriminatory if the premium charged for any classification is not reasonably related to the services performed or the risks assumed by the insurer, provided within rate classifications premiums may, to a reasonable degree, be less in the case of smaller insurances and the excess may be charged against larger insurances, without rendering the rate unfairly discriminatory.
(e) In making or reviewing rates, due consideration shall be given to past and prospective loss experience, to exposure to loss, to underwriting practice and judgment, to past and prospective expenses including amounts paid to or retained by title agents, to investment income, to a reasonable margin for profit and contingencies, and to all other relevant factors both within and outside of this state. A five-year experience period is required for all filings of rates, provided the filing of any insurer in existence less than five years shall be supported by experience consistent with the period of its existence.
(f) The commissioner may adopt regulations, in accordance with chapter 54, setting forth guidelines for the evaluation of rates. Such regulations may include consideration of (1) costs of underwriting risks assumed by the insurer, (2) amounts paid to or retained by title agents, (3) operating expenses of the insurer other than underwriting and claims expenses, (4) payment of claims and claim related expenses, (5) investment income, (6) reasonable profit, (7) premium taxes and (8) any other factors the commissioner deems relevant.
(P.A. 90-218, S. 19.)
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700a - Title Insurance › Section 38a-419. - Premium rate schedules.

(a) A title insurer shall file with the commissioner premium rate schedules it proposes to use in this state. If the commissioner finds in his review of a filing that it does not violate section 38a-418, he shall approve the schedule within thirty days of filing. Prior to such approval, the commissioner may conduct public hearings with respect to the filing. Filings that the commissioner has failed to approve or disapprove within thirty days of filing shall be deemed approved. Upon notice to the title insurer, the period for review of rate filing may be extended for an additional thirty days.
(b) If at any time after the approval of filing, the commissioner has reason to believe that the filing does not meet the requirements of this section or is otherwise contrary to law, or if any party having an interest in the filing makes a written complaint to the commissioner setting forth specific and reasonable grounds for the complaint, or if any insurer, upon notice of disapproval by the commissioner of a filing pursuant to this section, should so request, the commissioner shall hold a hearing within thirty days and shall give written notice of the hearing to all interested parties. The commissioner may confirm, modify, change or rescind any previous action if warranted by the facts shown at the hearing.
(c) No title insurer or title agent may use or collect any premium after October 1, 1990, except in accordance with the premium rate schedule filed with and approved by the commissioner as required by this section. The commissioner may provide by regulations, adopted in accordance with chapter 54, for interim use of premium rate schedules in effect prior to October 1, 1990.
(P.A. 90-218, S. 20.)
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700a - Title Insurance › Section 38a-420. - Publication of schedules of premiums and charges.

(a) Each title insurer and title agent shall print and make available to the public schedules of its currently effective premiums and charges.
(b) The schedules shall (1) be dated to show the date the premiums and charges became effective, (2) be kept available to the public during normal business hours in each office of the title insurer or title agent in this state and (3) set forth the total premium and charge for each type of title insurance policy or service issued or provided by the title insurer or title agent either by stating the premium or charge for each type of title insurance policy in given amounts of coverage or for each service, or by stating the premium or charge rate per unit amount of coverage, or by a combination of the two.
(c) Each title insurer shall keep a complete file of its schedules of premiums and charges and of all changes and amendments to those schedules until at least five years after they have ceased to be in effect.
(P.A. 90-218, S. 21.)
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700a - Title Insurance › Section 38a-421. - Form filing.

(a) A title insurer shall file with the commissioner all forms it proposes to use in this state, including (1) title insurance policies, including standard form endorsements and (2) commitments, binders or any other reports issued prior to the issuance of a title insurance policy. If the commissioner finds in his review of a filing that it does not violate section 38a-422, he shall approve the form within thirty days of filing. Prior to such approval, the commissioner may conduct public hearings with respect to the filing. Filings that the commissioner has failed to approve or disapprove within thirty days of filing shall be deemed approved. Upon notice to the insurer, the period for review of a form filing may be extended for an additional thirty days.
(b) A title insurer need not file reinsurance contracts and agreements.
(c) No title insurer may issue, directly or through a title agent, any policy after October 1, 1990, unless the policy form has been approved pursuant to this section. The commissioner may provide by regulation for interim use of forms in effect prior to October 1, 1990.
(P.A. 90-218, S. 22.)
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700a - Title Insurance › Section 38a-422. - Form standards.

The commissioner shall approve any form filed under section 38a-421 only if the form (1) is logically and clearly arranged and is understandable to a person of normal intelligence without special insurance or legal knowledge or training, (2) does not contain or incorporate by reference any inconsistent, ambiguous or misleading clauses, exceptions or conditions deceptively affecting the risk purported to be assumed in the affirmative coverage of the contract, (3) does not contain any misleading title, heading or other indication of its coverage, (4) is not printed or otherwise reproduced in such a manner as to render any provision of the form substantially illegible and (5) is otherwise in compliance with sections 38a-400 to 38a-425, inclusive.
(P.A. 90-218, S. 23.)
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700a - Title Insurance › Section 38a-423. - Notice of issuance of mortgage policy.

(a) A title insurer or title agent that issues a mortgagee's policy of title insurance on a loan made simultaneous with the purchase of all or part of the residential property securing the loan, where no owner's policy has been ordered, shall inform the borrower in writing that the mortgagee's policy does not protect the borrower, and that the borrower may obtain an owner's title insurance policy for his protection. Such notice shall be provided before disbursement of the loan proceeds and before issuance of a mortgagee's policy and shall be on a form prescribed by the commissioner.
(b) If the borrower elects not to purchase an owner's title insurance policy, the title insurer or title agent shall obtain from the borrower a statement in writing that the notice has been received and that the borrower waives the right to purchase an owner's title insurance policy. If the borrower refuses to provide the statement and waiver, the title insurer or title agent shall so note in the file. The statement and waiver shall be on a form prescribed by the commissioner and shall be retained by the title insurer or title agent for at least five years after receipt.
(P.A. 90-218, S. 24; P.A. 14-235, S. 22.)
History: P.A. 14-235 made technical changes.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700a - Title Insurance › Section 38a-424. - Regulations.

In addition to any other powers granted under sections 38a-400 to 38a-425, inclusive, the commissioner may adopt regulations in accordance with chapter 54 to protect the interests of the public, including, but not limited to, regulations governing sales practices, escrow, collection, settlement or closing procedures, policy coverage standards, rebates and inducements, controlled business, the approval of agency contracts, unfair trade practices and fraud, statistical plans for data collection, consumer education and any other consumer matters, the business of title insurance or any regulations otherwise implementing or interpreting the provisions of sections 38a-400 to 38a-425, inclusive.
(P.A. 90-218, S. 25.)
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700a - Title Insurance › Section 38a-424a. - Regulations re availability of coverage for property that is the subject of an Indian land claim.

(a) As used in this section, “Indian land claim” means a claim for real property or monetary damages based on an alleged illegal transfer, use or occupation of such real property and which claim is based on a violation of any condition or restriction established by common law, statute or other governmental enactment on alienation of lands owned by Indians or Indian tribes.
(b) The Insurance Commissioner shall adopt regulations in accordance with chapter 54 on or before February 1, 1994, setting forth guidelines to maximize the availability of title insurance coverage with respect to real property that is the subject of an Indian land claim. Each title insurer, as defined in subdivision (16) of section 38a-402, shall provide coverage in accordance with said guidelines. The factors the commissioner shall consider in adopting such regulations shall include, but not be limited to: (1) The title insurance coverage offered by title insurers for real property that is the subject of an Indian land claim; (2) whether the real property has been identified as being the subject of an Indian land claim in a notice of intent to sue or in an Indian land claim lawsuit or whether the owner of the real property has been named and served as a defendant in an Indian land claim lawsuit; (3) the legal basis of the Indian land claim; (4) whether the real property is the subject of an owner's or mortgagee's title insurance policy; and (5) whether the real property is vacant, residential or commercial.
(Oct. Sp. Sess. P.A. 93-3, S. 1, 2.)
History: Oct. Sp. Sess. P.A. 93-3 effective November 12, 1993.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700a - Title Insurance › Section 38a-425. - Severability.

The provisions of sections 38a-400 to 38a-425, inclusive, shall be severable, and, if any of their provisions are held to be unconstitutional or invalid, the validity of the remaining provisions of said sections will not be affected. It is hereby declared as legislative intent that sections 38a-400 to 38a-425, inclusive, would have been adopted by the legislature of this state had such unconstitutional or invalid provisions not been included.
(P.A. 90-218, S. 26.)
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-430. (Formerly Sec. 38-135a). - Approval of form of life insurance and annuity policies and contracts. War or military service coverage exclusion prohibited. Optional health insurance riders.

(a) No life insurance or annuity policy or contract shall be delivered or issued for delivery to any person in this state, nor shall any application, rider or endorsement be used in connection therewith, until a copy of the form thereof shall have been filed with and approved by the commissioner. The commissioner shall adopt regulations, in accordance with the provisions of chapter 54, establishing a procedure for review of such policies and contracts. The commissioner shall issue an order disapproving the use of any such form at any time if it does not comply with the requirements of law, or if it contains a provision or provisions that are unfair or deceptive or that encourage misrepresentation of the policy. The commissioner shall specify the reason for the commissioner's disapproval. The provisions of section 38a-19 shall apply to any such order issued by the commissioner.
(b) No life insurance or annuity policy or contract shall be delivered or issued for delivery to any individual in this state known to be an active member of the armed forces, as defined in section 27-103, or of the National Guard, nor shall any application, rider or endorsement be used in connection therewith, that excludes coverage if the insured's death is related to war, declared or undeclared, or any act related to military service except for an accidental death coverage such as double indemnity, which may be excluded.
(c) Nothing in this chapter shall preclude the issuance of a life insurance policy or contract including, but not limited to, a long-term care policy as provided in section 38a-458, that includes an optional health insurance rider, provided the optional health insurance rider is filed with and approved by the Insurance Commissioner pursuant to section 38a-481. Any company offering such policies for sale in this state shall be licensed to sell health insurance in this state pursuant to the provisions of section 38a-41.
(1967, P.A. 528; P.A. 88-326, S. 3; P.A. 96-51, S. 1; P.A. 11-19, S. 5; P.A. 13-134, S. 15; P.A. 15-70, S. 1.)
History: P.A. 88-326 required the commissioner to adopt regulations establishing a procedure for policy review and rephrased existing provisions; Sec. 38-135a transferred to Sec. 38a-430 in 1991; P.A. 96-51 added Subsec. (b) to permit optional health insurance riders; P.A. 11-19 made technical changes; P.A. 13-134 made technical changes; P.A. 15-70 added new Subsec. (b) re war or military service coverage exclusion prohibition and redesignated existing Subsec. (b) as Subsec. (c).
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-431. (Formerly Sec. 38-153). - Group insurance.

Any life insurance company may issue life or endowment insurance, with or without annuities, upon the group plan, as defined by the commissioner, with special rates of premiums less than the usual rates of premiums for such policies. All policies of group insurance shall be segregated by the company into a separate class and the mortality experience kept separate. The number of policies, amount of insurance, reserves, premiums and payments to policyholders thereunder, together with the mortality table and interest assumption adopted by the company, shall be reported separately in the company's annual financial statement.
(1949 Rev., S. 6143; 1951, S. 2828d; P.A. 78-312, S. 6.)
History: P.A. 78-312 deleted provision which had allowed companies to value policies “on such tables of mortality and interest assumptions as may be approved by the commissioner”; Sec. 38-153 transferred to Sec. 38a-431 in 1991.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-432. (Formerly Sec. 38-154). - Annuities.

Any domestic insurance company empowered to make contracts contingent upon life may grant and issue annuities either in connection with or separate from contracts of insurance predicated upon life risks.
(1949 Rev., S. 6144.)
History: Sec. 38-154 transferred to Sec. 38a-432 in 1991.
Annotation to former section 38-154:
Amount of benefit implies amount in dollars. 144 C. 346.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-432a. - Regulations concerning consumer annuity transactions.

The Insurance Commissioner shall adopt regulations, in accordance with chapter 54, to establish (1) standards for the sale or exchange of annuities, as defined in section 38a-1, to consumers, and (2) procedures for making recommendations to consumers regarding the sale or exchange of an annuity.
(P.A. 05-57, S. 1; P.A. 08-147, S. 13.)
History: P.A. 05-57 effective June 2, 2005; P.A. 08-147 made a technical change and deleted provisions re senior consumers, effective June 12, 2008.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-432b. - Regulations concerning solicitation and sale of life insurance and annuities to senior citizens. Disciplinary action.

(a) The Insurance Commissioner shall adopt regulations, in accordance with the provisions of chapter 54, to (1) prevent misleading and fraudulent marketing practices with respect to the solicitation and sale of life insurance or annuities sold to senior citizens, and (2) set standards for the use of senior-specific certification and professional designations used in the solicitation and sale of such life insurance and annuities.
(b) Any person who violates the regulations adopted pursuant to subsection (a) of this section shall be subject to disciplinary action in accordance with the provisions of section 38a-774.
(P.A. 09-174, S. 2.)
History: P.A. 09-174 effective July 1, 2009.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-434. (Formerly Sec. 38-155). - Insurance against accident and disease.

Any domestic insurance company empowered to make contracts contingent upon life may issue policies or certificates insuring persons against loss of life or personal injury resulting from any cause and against loss of time resulting from disease, which policies or certificates shall state on their face the agreement with the persons receiving the same, and, when executed in accordance with the charter and bylaws of such company, shall be binding upon the company.
(1949 Rev., S. 6145.)
History: Sec. 38-155 transferred to Sec. 38a-434 in 1991.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-435. (Formerly Sec. 38-147a). - Regulations re replacement of or borrowing on life insurance products, policies or contracts.

The Insurance Commissioner may make regulations governing the sale or offer of sale of life insurance products, including annuities, when such sale or offer involves the replacement of existing policies or contracts or the borrowing on or lapsing of such existing policies or contracts. Such regulations may prescribe (1) the form in which such offer or proposal should be made; (2) the form of notice to the insurance companies involved; (3) the questions to be contained in application forms for life insurance products pertaining to existing insurance; and (4) the form of notice to the purchaser. The commissioner may suspend or revoke the license of any insurance producer violating any such regulation.
(1963, P.A. 554; P.A. 77-614, S. 163, 610; P.A. 80-482, S. 296, 348; P.A. 94-39, S. 3; P.A. 96-193, S. 12, 36; P.A. 13-134, S. 16.)
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. 38-147a transferred to Sec. 38a-435 in 1991; P.A. 94-39 made references to life insurance products including annuities and added reference to “life insurance contracts”; P.A. 96-193 substituted “producer” for “agent or broker”, effective June 3, 1996; P.A. 13-134 made technical changes.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-436. (Formerly Sec. 38-157a). - Notice of voidability of individual insurance contracts. Procedure. Time limit.

Every individual life insurance policy delivered or issued for delivery to any person in this state shall have printed thereon or attached thereto a notice stating, in substance, that the policy may be returned by the applicant for cancellation by delivering or mailing the policy to the insurer or to the insurance agent through whom it was effected, at any time within ten days after receipt of the policy by the applicant, and that upon the delivery or mailing the policy shall be void ab initio.
(P.A. 75-546; P.A. 90-243, S. 62.)
History: P.A. 90-243 made technical changes for statutory consistency; Sec. 38-157a transferred to Sec. 38a-436 in 1991.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-436a. - Designation of third party to receive cancellation notices of individual life insurance policies.

(a) Each insurer that delivers or issues for delivery an individual life insurance policy in this state on or after January 1, 2015, shall notify an applicant, in writing at the time of application for such policy, of such applicant's right to designate a third party to receive notice of cancellation of the policy based on nonpayment of premium. The applicant may make such designation at the time of application for such policy or at any time such policy is in force, by submitting a written notice to the insurer containing the name and address of the third-party designee.
(b) The insurer's transmission to the third-party designee of a copy of a notice of cancellation based on nonpayment of premium shall be in addition to the transmission of the original document to the policyholder. The copy of the notice of cancellation transmitted to the third party shall be governed by the same law and policy provisions that govern the notice being transmitted to the policyholder.
(c) The designation of a third party shall not constitute acceptance of any liability on the part of the third party or insurer for services provided to the policyholder.
(P.A. 14-108, S. 1.)
History: P.A. 14-108 effective January 1, 2015.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-437. (Formerly Sec. 38-158). - Copy of application to be furnished.

(a) Each person within this state holding a policy of insurance issued by a life insurance company doing business in this state shall be furnished by the company with a copy of the application upon which the policy was issued, upon demand made for such copy by the policyholder, or by any person upon whose life the policy was issued.
(b) If the company fails for thirty days from the time of the demand to furnish to the person making the demand a copy of the application, the company shall be forever barred from setting up, by way of defense to any suit on the policy of insurance, any error, incorrectness, fraud or misrepresentation of that person, or any mistake therein; and the application shall thereafter be taken and held, so far as the application may affect any claim under the policy, or any fund secured thereby, to be in all respects true and correct.
(1949 Rev., S. 6148; P.A. 90-243, S. 63.)
History: P.A. 90-243 divided the section into Subsecs. and made technical changes for statutory consistency; Sec. 38-158 transferred to Sec. 38a-437 in 1991.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-438. (Formerly Sec. 38-130b). - Short title: Standard Nonforfeiture Law.

Sections 38a-438 to 38a-440, inclusive, shall be known as the “Standard Nonforfeiture Law”.
(P.A. 78-312, S. 1 P.A. 91-175, S. 3.)
History: Sec. 38-130b transferred to Sec. 38a-438 in 1991; P.A. 91-175 deleted the reference to the Standard Valuation Law.
See Secs. 38a-77, 38a-78 and 38a-78a re Standard Valuation Law.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-441. (Formerly Sec. 38-159c). - Notice to insured when life insurance policy paid up.

Any insurance company doing the business of life insurance in this state which writes an individual life insurance policy delivered or issued for delivery in this state shall provide notice when such policy is fully paid up. Such notice shall be in writing and shall be sent or delivered by the insurer to the owner of the policy at the last-known address of the owner during the year in which the date such final payment is received by the insurer occurs, or within thirty-one days of such date if later. Each five years thereafter, written notice shall be so sent or delivered to the owner of the policy providing notice of the current status of such policy. The provisions of this section shall not apply to the purchase of a single premium life insurance policy, a universal life insurance policy, or to the purchase of paid-up additions under a participating life insurance policy.
(P.A. 87-164.)
History: Sec. 38-159c transferred to Sec. 38a-441 in 1991.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-442. (Formerly Sec. 38-156). - Dating back of policies prohibited.

No policy of life insurance shall be issued or delivered in this state if it purports to be issued or to take effect as of a date more than six months before the application for the insurance was made if thereby the applicant would rate at an age younger than at the date when the application was made according to his age at nearest birthday.
(1949 Rev., S. 6146; 1951, S. 2829d.)
History: Sec. 38-156 transferred to Sec. 38a-442 in 1991.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-443. (Formerly Sec. 38-147). - Premium notes.

A company may take premium notes, or give credit for part of its premiums, in accordance with its usual course of business.
(1949 Rev., S. 6173.)
History: Sec. 38-147 transferred to Sec. 38a-443 in 1991.
Annotation to former section 38-147:
Cited. 74 C. 353.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-445. (Formerly Sec. 38-160). - Deferring the granting of loans and surrender values.

No policy of life or endowment insurance shall be issued or delivered in this state unless it contains a provision that the company may, at its option, defer the granting of any loan other than to pay premiums on policies in the company, and may, at its option, defer the granting of any surrender value for a period which shall be stated in such provision and which shall be not less than sixty days from the date of the application for such loan or surrender value; provided a foreign or alien insurance company may issue in this state any policy containing provisions required by the laws of its own state or country respecting the deferring of loans or granting surrender values, and a domestic insurance company may issue in other states policies which contain provisions relating to the deferring of loans or granting surrender values required by the laws of such states.
(1949 Rev., S. 6169; P.A. 90-243, S. 64.)
History: P.A. 90-243 substituted “foreign” for “nonresident” insurance companies and “alien” for “foreign” insurance companies; Sec. 38-160 transferred to Sec. 38a-445 in 1991.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-446. (Formerly Sec. 38-149). - Discrimination in favor of individuals prohibited.

No life insurance company doing business in this state shall make or permit any distinction or discrimination in favor of individuals between insurants of the same class and expectation of life in the amount or payment of premiums or rates charged for policies of life or endowment insurance, or in the dividends or other benefits payable thereon, or in any other of the terms and conditions of the contracts it makes; nor shall any such company or any producer or other person make any contract of insurance or agreement as to such contract other than is plainly expressed in the policy issued thereon.
(1949 Rev., S. 6139; P.A. 96-193, S. 13, 36.)
History: Sec. 38-149 transferred to Sec. 38a-446 in 1991; P.A. 96-193 substituted “producer” for “agent, subagent, broker”, effective June 3, 1996.
See Sec. 38a-488 re prohibition against discrimination between individuals of same class with respect to premiums or rates charged.
See Sec. 38a-816 re unfair practices.
See Sec. 38a-825 re prohibition against premium rebate or other special favor.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-447a. - Exclusion of coverage on the basis of naloxone prescription prohibited.

Notwithstanding any provision of the general statutes, no life insurance or annuity policy or contract shall be delivered, issued for delivery, renewed or continued in this state that excludes coverage solely on the basis of receipt of a prescription for naloxone, commonly referred to as an opioid antagonist, or any naloxone biosimilar or naloxone generic, nor shall any application, rider or endorsement to such policy or contract be used in connection therewith that excludes coverage solely on the basis of receipt of such a prescription, biosimilar or generic.
(P.A. 19-191, S. 5.)
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-448 and 38a-449. (Formerly Secs. 38-151 and 38-152). - Affidavit of examining physician.

Sections 38a-448 and 38a-449 are repealed.
(1949 Rev., S. 6141, 6142; P.A. 92-60, S. 28.)
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-450. (Formerly Sec. 38-159). - Certain corporations and associations may be made beneficiaries.

Any life insurance company doing business within the state may issue policies of insurance predicated upon the life or lives of any person or persons, payable at maturity to any educational, ecclesiastical, benevolent, charitable or eleemosynary corporation which can legally take and receive testamentary legacies, irrespective of a financial interest on the part of such corporation in the life of the person or persons insured.
(1949 Rev., S. 6149.)
History: Sec. 38-159 transferred to Sec. 38a-450 in 1991.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-451. (Formerly Sec. 38-159a). - Trustee as beneficiary of policy.

(a) Unless prohibited by the policy there may be designated, as beneficiary of any policy issued by any life insurance company, the trustee of a trust to be created in and by the last will of the insured or in and by an inter vivos trust. Such designation may direct payment to such trustee as may qualify and be appointed for such trust. Upon the death of the insured and the qualification of the trustee of such testamentary or inter vivos trust, such life insurance company shall pay to such trustee the proceeds of the policy and other sums, if any, due the beneficiary thereunder. If (1) the insured dies intestate, or (2) no inter vivos trust is created or no such trust is created in the will of the insured duly admitted to probate, or (3) if such trust is so created but no trustee thereof qualifies as such within one year after the death of the insured or if the inter vivos trust has been terminated, such life insurance company shall pay such proceeds and other sums, if any, to such contingent beneficiary, if any, as may have been designated for that one of such contingencies (1), (2) or (3) as has occurred, and, if none was so designated, to the executors or administrators of the insured.
(b) This section shall apply to all such designations of beneficiary by an insured dying after June 15, 1965, whether or not a trustee shall be identified by name in the policy.
(February, 1965, P.A. 230, S. 1, 2.)
History: Sec. 38-159a transferred to Sec. 38a-451 in 1991.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-452. (Formerly Sec. 38-159b). - Payment of interest on life insurance death benefits.

(a) In the event an action to recover the proceeds due under a life insurance policy or annuity contract is commenced and results in a judgment against the insurer, interest thereon shall be paid from the date of the death of an insured or annuitant in connection with a death claim on a life insurance policy or annuity contract and from the date of maturity of an endowment contract to the date the verdict is rendered or the report or decision is made, computed under the provisions of subsection (b) of this section.
(b) In the event no action has been commenced, interest upon the principal sum paid to the beneficiary or policyholder respectively shall be computed daily at the rate of interest currently paid by the insurer on proceeds left under the interest settlement option, commencing no later than ten days after the date of the death of an insured or annuitant in connection with a death claim on a life insurance policy or annuity contract and commencing no later than ten days after the date of maturity of an endowment contract to the date of payment and shall be added to and be a part of the total sum paid.
(c) The provisions of this section shall not apply to policies or contracts issued prior to October 1, 1976, which contain specific provisions to the contrary.
(P.A. 76-60, S. 1
–
3.)
History: Sec. 38-159b transferred to Sec. 38a-452 in 1991.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-453. (Formerly Sec. 38-161). - Rights of creditors of insured against beneficiary.

(a) The beneficiary of any life insurance policy, being a person other than the insured, whether named as beneficiary in the original policy or subsequently named as beneficiary in accordance with the terms of the policy, shall be entitled to the proceeds of the policy as against the representatives or creditors of the insured, unless the policy was procured or the designation of a beneficiary was made with intent, express or implied, to defraud creditors.
(b) If any such policy was procured or any such designation made with the intent, express or implied, to defraud creditors, the proceeds thereof shall become a part of the estate of the insured, and the executor or administrator of the estate shall collect the insurance and use the proceeds thereof so far as it is required for the expenses of administration and the payment of debts and pay over the balance, if any, to the beneficiary of the policy. If any premiums paid on the insurance policy were paid with the intent, express or implied, to defraud creditors, the amount of the premiums so paid, with interest thereon, shall become a part of the estate and shall be dealt with as above provided.
(c) The company issuing the policy shall be discharged of all liability thereunder by payment of the proceeds in accordance with the terms of the policy unless, before such payment, the company has received written notice, from a creditor, executor or administrator of the insured, that the policy was procured or premiums were paid thereon with intent to defraud creditors. That notice may be disregarded by the company unless proper legal proceedings to enforce the claim are begun within three months from the giving of the notice.
(d) This section shall apply to any policy of insurance issued before July 1, 1933, but not to policies which matured by the death of the insured before July 1, 1933.
(1949 Rev., S. 6150; P.A. 90-243, S. 65.)
History: P.A. 90-243 divided the section into Subsecs. and made technical changes for statutory consistency; Sec. 38-161 transferred to Sec. 38a-453 in 1991.
Annotations to former section 38-161:
Where husband assigned insurance on his life as security for bank loan, joinder by wife in assignment did not defeat her right as beneficiary to excess of proceeds above debt to bank. 120 C. 306.
Cited. 39 CS 470.
Annotation to present section:
Cited. 229 C. 459.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-454. (Formerly Sec. 38-162). - Proceeds of insurance policies and annuities may be held in trust.

Any domestic life insurance company shall have power to hold the proceeds of any policy issued by it under a trust or other agreement upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries and with such exemptions from the claims of creditors of beneficiaries other than the policyholder as have been agreed to in writing by such company and the policyholder. Such insurance company shall not be required to segregate funds so held but may hold them as a part of its general corporate assets. Similar terms, restrictions and exemptions, for the benefit of any payee other than the purchaser, may be included by any such company in any annuity contract or any agreement issued in connection therewith or supplemental thereto. When any foreign or alien life insurance company doing business in Connecticut holds the proceeds of a life insurance policy or annuity contract under any trust or other agreement consistent with its charter or the laws of its domicile, beneficiaries of such trust or other agreement shall be entitled to exemptions from claims of creditors as hereinbefore provided to the same extent as if the trust or other agreement were entered into with a domestic life insurance company.
(1949 Rev., S. 6151; P.A. 90-243, S. 66.)
History: P.A. 90-243 substituted “foreign” for “nonresident” and “alien” for “foreign” insurance companies; Sec. 38-162 transferred to Sec. 38a-454 in 1991.
2023 Connecticut General Statutes › Title 38a - Insurance › Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements › Section 38a-455. - Assignment of incidents of ownership under group life policy.

Any person whose life is insured under any policy of group life insurance is permitted to make an assignment of all or any part of his incidents of ownership in such insurance, including, without limitation, any right to designate a beneficiary or beneficiaries thereunder and any right to have an individual policy issued upon termination either of employment or of said policy of group insurance, if applicable, provided the insurer or group policyholder may prohibit or restrict such assignment by appropriate policy provisions. Such an assignment, subject to the terms of the policy or agreement between the group policyholder and the insurer, is valid for the purpose of vesting in the assignee, in accordance with any provisions included therein as to the time at which it is to be effective, all rights, benefits and incidents of ownership conferred under the policy and shall entitle the insurer to deal with the assignee as the owner of such rights, benefits and incidents of ownership, provided the insurer shall not be affected by any assignment until he has received written notice thereof.
(P.A. 90-243, S. 147.)