reglab/statecodes huggingface dataset:
Connecticut Administrative Code › Title 38a - Insurance Department › 78 - Connecticut Standard Valuation Law Actuarial Opinion and Memorandum › Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values Model › Section 38a-78-43 - Transition rules

Current through July 10, 2024
(a) For preneed
				insurance policies issued on or after the effective date of this regulation and
				before January 1, 2012, the 2001 CSO may be used as the minimum standard for
				reserves and minimum standard for non-forfeiture benefits for both male and
				female insureds.
(b) If an insurer
				elects to use the 2001 CSO as a minimum standard for any policy issued on or
				after the effective date of this regulation and before January 1, 2012, the
				insurer shall provide, as a part of the actuarial opinion memorandum submitted
				in support of the company's asset adequacy testing, an annual written
				notification to the domiciliary commissioner. The notification shall include:
(1) A complete list of all preneed policy
				forms that use the 2001 CSO as a minimum standard;
(2) A certification signed by the appointed
				actuary stating that the reserve methodology employed by the company in
				determining reserves for the preneed policies issued after the effective date
				and using the 2001 CSO as a minimum standard, develops adequate reserves (for
				the purposes of this certification, the preneed insurance policies using the
				2001 CSO as a minimum standard cannot be aggregated with any other policies);
				and
(3) Supporting information
				regarding the adequacy of reserves for preneed insurance policies issued after
				the effective date of this regulation and using the 2001 CSO as a minimum
				standard for reserves.
Connecticut Administrative Code › Title 38a - Insurance Department › 78 - Connecticut Standard Valuation Law Actuarial Opinion and Memorandum › Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values Model › Section 38a-78-44 - Effective date

Current through July 10, 2024
This regulation is applicable to preneed insurance policies
				  and certificates and similar contracts and certificates issued on or after
				  January 1, 2009.
Connecticut Administrative Code › Title 38a - Insurance Department › 78 - Connecticut Standard Valuation Law Actuarial Opinion and Memorandum › Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values Model › Appendix 1

Current through July 10, 2024
2012 IAM Period Table
Female, Age Nearest Birthday
AGE
1000 ·
							 qx2012
AGE
1000 ·
							 qx2012
AGE
1000 ·
							 qx2012
AGE
1000 ·
							 qx2012
0
1.621
30
0.300
60
3.460
90
88.377
1
0.405
31
0.321
61
3.916
91
97.491
2
0.259
32
0.338
62
4.409
92
107.269
3
0.179
33
0.351
63
4.933
93
118.201
4
0.137
34
0.365
64
5.507
94
130.969
5
0.125
35
0.381
65
6.146
95
146.449
6
0.117
36
0.402
66
6.551
96
163.908
7
0.110
37
0.429
67
7.039
97
179.695
8
0.095
38
0.463
68
7.628
98
196.151
9
0.088
39
0.504
69
8.311
99
213.150
10
0.085
40
0.552
70
9.074
100
230.722
11
0.086
41
0.600
71
9.910
101
251.505
12
0.094
42
0.650
72
10.827
102
273.007
13
0.108
43
0.697
73
11.839
103
295.086
14
0.131
44
0.740
74
12.974
104
317.591
15
0.156
45
0.780
75
14.282
105
340.362
16
0.179
46
0.825
76
15.799
106
362.371
17
0.198
47
0.885
77
17.550
107
384.113
18
0.211
48
0.964
78
19.582
108
400.000
19
0.221
49
1.051
79
21.970
109
400.000
20
0.228
50
1.161
80
24.821
110
400.000
21
0.234
51
1.308
81
28.351
111
400.000
22
0.240
52
1.460
82
32.509
112
400.000
23
0.245
53
1.613
83
37.329
113
400.000
24
0.247
54
1.774
84
42.830
114
400.000
25
0.250
55
1.950
85
48.997
115
400.000
26
0.256
56
2.154
86
55.774
116
400.000
27
0.261
57
2.399
87
63.140
117
400.000
28
0.270
58
2.700
88
71.066
118
400.000
29
0.281
59
3.054
89
79.502
119
400.000
120
1000.000
Connecticut Administrative Code › Title 38a - Insurance Department › 78 - Connecticut Standard Valuation Law Actuarial Opinion and Memorandum › Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values Model › Appendix 2

Current through July 10, 2024
2012 IAM Period Table
2012 IAM Period Table
AGE
1000 ·
							 qx2012
AGE
1000 ·
							 qx2012
AGE
1000 ·
							 qx2012
AGE
1000 ·
							 qx2012
0
1.605
30
0.741
60
5.096
90
109.993
1
0.401
31
0.751
61
5.614
91
123.119
2
0.275
32
0.754
62
6.169
92
137.168
3
0.229
33
0.756
63
6.759
93
152.171
4
0.174
34
0.756
64
7.398
94
168.194
5
0.168
35
0.756
65
8.106
95
185.260
6
0.165
36
0.756
66
8.548
96
197.322
7
0.159
37
0.756
67
9.076
97
214.751
8
0.143
38
0.756
68
9.708
98
232.507
9
0.129
39
0.800
69
10.463
99
250.397
10
0.113
40
0.859
70
11.357
100
268.607
11
0.111
41
0.926
71
12.418
101
290.016
12
0.132
42
0.999
72
13.675
102
311.849
13
0.169
43
1.069
73
15.150
103
333.962
14
0.213
44
1.142
74
16.860
104
356.207
15
0.254
45
1.219
75
18.815
105
380.000
16
0.293
46
1.318
76
21.031
106
400.000
17
0.328
47
1.454
77
23.540
107
400.000
18
0.359
48
1.627
78
26.375
108
400.000
19
0.387
49
1.829
79
29.572
109
400.000
20
0.414
50
2.057
80
33.234
110
400.000
21
0.443
51
2.302
81
37.533
111
400.000
22
0.473
52
2.545
82
42.261
112
400.000
23
0.513
53
2.779
83
47.441
113
400.000
24
0.554
54
3.011
84
53.233
114
400.000
25
0.602
55
3.254
85
59.855
115
400.000
26
0.655
56
3.529
86
67.514
116
400.000
27
0.688
57
3.845
87
76.340
117
400.000
28
0.710
58
4.213
88
86.388
118
400.000
29
0.727
59
4.631
89
97.634
119
400.000
120
1000.000
Connecticut Administrative Code › Title 38a - Insurance Department › 78 - Connecticut Standard Valuation Law Actuarial Opinion and Memorandum › Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values Model › Appendix 3

Current through July 10, 2024
Projection Scale G2
Female, Age Nearest Birthday
AGE
G2x
AGE
G2x
AGE
G2x
AGE
G2x
0
0.010
30
0.010
60
0.013
90
0.006
1
0.010
31
0.010
61
0.013
91
0.006
2
0.010
32
0.010
62
0.013
92
0.005
3
0.010
33
0.010
63
0.013
93
0.005
4
0.010
34
0.010
64
0.013
94
0.004
5
0.010
35
0.010
65
0.013
95
0.004
6
0.010
36
0.010
66
0.013
96
0.004
7
0.010
37
0.010
67
0.013
97
0.003
8
0.010
38
0.010
68
0.013
98
0.003
9
0.010
39
0.010
69
0.013
99
0.002
10
0.010
40
0.010
70
0.013
100
0.002
11
0.010
41
0.010
71
0.013
101
0.002
12
0.010
42
0.010
72
0.013
102
0.001
13
0.010
43
0.010
73
0.013
103
0.001
14
0.010
44
0.010
74
0.013
104
0.000
15
0.010
45
0.010
75
0.013
105
0.000
16
0.010
46
0.010
76
0.013
106
0.000
17
0.010
47
0.010
77
0.013
107
0.000
18
0.010
48
0.010
78
0.013
108
0.000
19
0.010
49
0.010
79
0.013
109
0.000
20
0.010
50
0.010
80
0.013
110
0.000
21
0.010
51
0.010
81
0.012
111
0.000
22
0.010
52
0.011
82
0.012
112
0.000
23
0.010
53
0.011
83
0.011
113
0.000
24
0.010
54
0.011
84
0.010
114
0.000
25
0.010
55
0.012
85
0.010
115
0.000
26
0.010
56
0.012
86
0.009
116
0.000
27
0.010
57
0.012
87
0.008
117
0.000
28
0.010
58
0.012
88
0.007
118
0.000
29
0.010
59
0.013
89
0.007
119
0.000
120
0.000
Connecticut Administrative Code › Title 38a - Insurance Department › 78 - Connecticut Standard Valuation Law Actuarial Opinion and Memorandum › Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values Model › Appendix 4

Current through July 10, 2024
Projection Scale G2
Male, Age Nearest Birthday
AGE
G2x
AGE
G2x
AGE
G2x
AGE
G2x
0
0.010
30
0.010
60
0.015
90
0.007
1
0.010
31
0.010
61
0.015
91
0.007
2
0.010
32
0.010
62
0.015
92
0.006
3
0.010
33
0.010
63
0.015
93
0.005
4
0.010
34
0.010
64
0.015
94
0.005
5
0.010
35
0.010
65
0.015
95
0.004
6
0.010
36
0.010
66
0.015
96
0.004
7
0.010
37
0.010
67
0.015
97
0.003
8
0.010
38
0.010
68
0.015
98
0.003
9
0.010
39
0.010
69
0.015
99
0.002
10
0.010
40
0.010
70
0.015
100
0.002
11
0.010
41
0.010
71
0.015
101
0.002
12
0.010
42
0.010
72
0.015
102
0.001
13
0.010
43
0.010
73
0.015
103
0.001
14
0.010
44
0.010
74
0.015
104
0.000
15
0.010
45
0.010
75
0.015
105
0.000
16
0.010
46
0.010
76
0.015
106
0.000
17
0.010
47
0.010
77
0.015
107
0.000
18
0.010
48
0.010
78
0.015
108
0.000
19
0.010
49
0.010
79
0.015
109
0.000
20
0.010
50
0.010
80
0.015
110
0.000
21
0.010
51
0.011
81
0.014
111
0.000
22
0.010
52
0.011
82
0.013
112
0.000
23
0.010
53
0.012
83
0.013
113
0.000
24
0.010
54
0.012
84
0.012
114
0.000
25
0.010
55
0.013
85
0.011
115
0.000
26
0.010
56
0.013
86
0.010
116
0.000
27
0.010
57
0.014
87
0.009
117
0.000
28
0.010
58
0.014
88
0.009
118
0.000
29
0.010
59
0.015
89
0.008
119
0.000
120
0.000
Connecticut Administrative Code › Title 38a - Insurance Department › 88 - Credit for Reinsurance › Section 38a-88-1 - Credit for reinsurance-reinsurer licensed in this state

Current through July 10, 2024
(a) The Commissioner shall allow credit for
			 reinsurance ceded by a domestic insurer to an assuming insurer that was
			 licensed in this state as of any date on which statutory financial statement
			 credit for reinsurance is claimed.
(b) As used in sections 38a-88-1 to
			 38a-88-12,
			 inclusive, of the Regulations of Connecticut State Agencies:
(1) "Commissioner" means the Insurance
			 Commissioner of the State of Connecticut;
(2) "Evergreen" means that a letter of credit
			 will be continuously renewed unless the financial institution which issued or
			 confirmed the letter of credit gives advance notice that it will not be renewed
			 when its term expires;
(3)
			 "Liabilities" means the assuming insurer's gross liabilities attributable to
			 reinsurance ceded by U. S. domiciled insurers excluding liabilities that are
			 otherwise secured by acceptable means, and, shall include:
(A) For business ceded by domestic insurers
			 authorized to write property and casualty insurance:
(i) Losses and allocated loss expenses paid
			 by the ceding insurer, recoverable from the assuming insurer;
(ii) Reserves for losses reported and
			 outstanding;
(iii) Reserves for
			 losses incurred but not reported;
(iv) Reserves for allocated loss expenses;
			 and
(v) Unearned
			 premiums;
(B) For
			 business ceded by domestic insurers authorized to write life, health and
			 annuity insurance:
(i) Aggregate reserves for
			 life policies and contracts net of policy loans and net due and deferred
			 premiums;
(ii) Aggregate reserves
			 for accident and health policies;
(iii) Deposit funds and other liabilities
			 without life or disability contingencies; and
(iv) Liabilities for policy and contract
			 claims;
(4)
			 "NAIC" means the National Association of Insurance Commissioners;
(5) "IFRS" means International Financial
			 Reporting Standards;
(6) "GAAP"
			 means generally accepted accounting principles.
Connecticut Administrative Code › Title 38a - Insurance Department › 88 - Credit for Reinsurance › Section 38a-88-2 - Credit for reinsurance - accredited reinsurers

Current through July 10, 2024
(a) The
			 Commissioner shall allow credit for reinsurance ceded by a domestic insurer to
			 an assuming insurer which is accredited as a reinsurer in this state as of the
			 date on which statutory financial statement credit for reinsurance is claimed.
			 An accredited reinsurer is one which:
(1)
			 Files a properly executed Form AR-1 (Appendix A of sections
			 38a-88-1
			 to
			 38a-88-12,
			 inclusive, of the Regulations of Connecticut State Agencies) as evidence of its
			 submission to this state's jurisdiction and to this state's authority to
			 examine its books and records;
(2)
			 Files annually by March 1 with the Commissioner a certified copy of a
			 certificate of authority or other acceptable evidence that it is licensed to
			 transact insurance or reinsurance in at least one state, or, in the case of a
			 United States branch of an alien assuming insurer, is entered through and
			 licensed to transact insurance or reinsurance in at least one state;
(3) Files annually by March 1 with the
			 Commissioner a copy of its annual statement filed with the insurance department
			 of its state of domicile or, in the case of an alien assuming insurer, with the
			 state through which it is entered and in which it is licensed to transact
			 insurance or reinsurance, and a copy of its most recent audited financial
			 statement; and
(4) Maintains a
			 surplus as regards policyholders in an amount not less than $20,000,000 or
			 obtains the affirmative written approval of the Commissioner upon a finding
			 that it has adequate financial capacity to meet its reinsurance obligations and
			 is otherwise qualified to assume reinsurance from domestic insurers.
Connecticut Administrative Code › Title 38a - Insurance Department › 88 - Credit for Reinsurance › Section 38a-88-3 - Credit for reinsurance - Reinsurer domiciled in another state

Current through July 10, 2024
(a) The Commissioner shall allow credit for
			 reinsurance ceded by a domestic insurer to an assuming insurer that as of any
			 date on which statutory financial statement credit for reinsurance is claimed:
(1) Is domiciled in (or, in the case of a
			 United States branch of an alien assuming insurer, is entered through) a state
			 which employs standards regarding credit for reinsurance substantially similar
			 to those applicable under sections
			 38a-85
			 to
			 38a-89,
			 inclusive, of the Connecticut General Statutes and sections
			 38a-88-1
			 to
			 38a-88-12,
			 inclusive, of the Regulations of Connecticut State Agencies;
(2) Maintains a surplus as regards
			 policyholders in an amount not less than $20,000,000; and
(3) Files a properly executed Form AR-1
			 (Appendix A of sections
			 38a-88-1
			 to
			 38a-88-12,
			 inclusive, of the Regulations of Connecticut State Agencies) with the
			 Commissioner as evidence of its submission to this State's authority to examine
			 its books and records.
Connecticut Administrative Code › Title 38a - Insurance Department › 88 - Credit for Reinsurance › Section 38a-88-5 - Credit for reinsurance required by law

Current through July 10, 2024
Pursuant to section 38a-85(h) of the Connecticut General
				Statutes, the Commissioner shall allow credit for reinsurance ceded by a
				domestic insurer to an assuming insurer not meeting the requirements of
				Subsections (b), (c), (d), (e), (f) or (g) of section 38a-85 of the Connecticut
				General Statutes, but only as to the insurance of risks located in
				jurisdictions where the reinsurance is required by the applicable law or
				regulation of that jurisdiction. As used in this Section, "jurisdiction" means
				any state, district or territory of the United States and any lawful national
				government.
Connecticut Administrative Code › Title 38a - Insurance Department › 88 - Credit for Reinsurance › Section 38a-88-6 - Credit for an asset or reduction from liability for reinsurance ceded to an unauthorized assuming insurer

Current through July 10, 2024
(a) Pursuant to
			 section
			 38a-86
			 of the Connecticut General Statutes, the Commissioner shall allow a credit for
			 an asset or a reduction from liability for reinsurance ceded by a domestic
			 insurer to an assuming insurer not meeting the requirements of section
			 38a-85
			 of the Connecticut General Statutes in an amount not exceeding the liabilities
			 carried by the ceding insurer. The credit or reduction shall be in the amount
			 of funds held by or on behalf of the ceding insurer, including funds held in
			 trust for the exclusive benefit of the ceding insurer, under a reinsurance
			 contract with such assuming insurer as security for the payment of obligations
			 under the reinsurance contract. The security shall be held in the United States
			 subject to withdrawal solely by, and under the exclusive control of, the ceding
			 insurer or, in the case of a trust, held in a qualified United States financial
			 institution as defined in section
			 38a-87
			 of the Connecticut General Statutes. This security may be in the form of any of
			 the following:
(1) cash;
(2) securities listed by the Securities
			 Valuation Office of the NAIC, including those deemed exempt from filing as
			 defined by the Purposes and Procedures Manual of the Securities Valuation
			 Office, and qualifying as admitted assets;
(3) clean, irrevocable, unconditional and
			 "evergreen" letters of credit issued or confirmed by a qualified United States
			 institution, as defined in section
			 38a-86(3)
			 of the Connecticut General Statutes, effective no later than December 31 of the
			 year for which filing is being made, and in the possession of, or in trust for,
			 the ceding insurer on or before the filing date of its annual statement.
			 Letters of credit meeting applicable standards of issuer acceptability as of
			 the dates of their issuance (or confirmation) shall, notwithstanding the
			 issuing (or confirming) institution's subsequent failure to meet applicable
			 standards of issuer acceptability continue to be acceptable as security until
			 their expiration, extension, renewal, modification or amendment, whichever
			 first occurs;
(4) Any other form of
			 security acceptable to the Commissioner.
Connecticut Administrative Code › Title 38a - Insurance Department › 88 - Credit for Reinsurance › Section 38a-88-7 - Trust agreements used to qualify for reduction from liability for reinsurance ceded to an unauthorized assuming insurer

Current through July 10, 2024
(a)
As used in this section:
(1)
			 "Beneficiary" means the entity for whose sole benefit the trust has been
			 established and any successor of the beneficiary by operation of law, including
			 without limitation any liquidator, rehabilitator, receiver or conservator. When
			 established in conjunction with a reinsurance agreement the beneficiary is the
			 licensed ceding insurer.
(2)
			 "Grantor" means the entity that has established a trust for the sole benefit of
			 the beneficiary. When established in conjunction with a reinsurance agreement,
			 the grantor is the unlicensed, unaccredited assuming insurer.
(3) "Obligations," as used in subsection
			 (b)(11) of this section, means:
(A)
			 Reinsurance losses and allocated loss expenses paid by the ceding company, but
			 not recovered from the assuming insurer;
(B) Reserves for reinsured losses reported
			 and outstanding;
(C) Reserves for
			 reinsured losses incurred but not reported; and
(D) Reserves for allocated reinsured loss
			 expenses and unearned premiums.
Connecticut Administrative Code › Title 38a - Insurance Department › 88 - Credit for Reinsurance › Section 38a-88-10 - Reinsurance contract

Current through July 10, 2024
Credit will not be granted, nor an asset or reduction from
				liability allowed to a ceding insurer for reinsurance effected with assuming
				insurers meeting the requirements of sections
				38a-88-1
				to
				38a-88-4
				b, inclusive, and section
				38a-88-6
				of the Regulations of Connecticut State Agencies or otherwise in compliance
				with section 38a-85 of the Connecticut General Statutes after the adoption of
				sections
				38a-88-1
				to
				38a-88-12,
				inclusive, of the Regulations of Connecticut State Agencies unless the
				reinsurance agreement:
(1) Includes a
			 proper insolvency clause that provides, in substance, that in the event of the
			 insolvency of the ceding insurer, the reinsurance shall be payable under a
			 reinsurance agreement entered into by the assuming insurer on the basis of
			 reported claims allowed by the liquidation court, without diminution because of
			 the insolvency of the ceding insurer. Such payments shall be made directly to
			 the ceding insurer or to its domiciliary liquidator except:
(1) where the contract or other written
			 agreement specifically provides another payee of such reinsurance in the event
			 of the insolvency of the ceding insurer, or
(2) where the assuming insurer, with the
			 consent of the direct insured(s), has assumed such policy obligations of the
			 ceding insurer as direct obligations of the assuming insurer to the payees
			 under such policies and in substitution for the obligations of the ceding
			 insurer to such payees;
Connecticut Administrative Code › Title 38a - Insurance Department › 88 - Credit for Reinsurance › Section 38a-88-11 - Contracts affected

Current through July 10, 2024
All new and renewal reinsurance transactions entered into after
				January 1, 2013 shall conform to the requirements of sections
				38a-85,
				38a-85a
				and
				38a-86
				of the Connecticut General Statutes and sections
				38a-88-1
				to
				38a-88-10,
				inclusive, of the Regulations of Connecticut State Agencies if credit is to be
				given to the ceding insurer for such reinsurance.
Connecticut Administrative Code › Title 38a - Insurance Department › 88 - Credit for Reinsurance › Section 38a-88-12 - Severability

Current through July 10, 2024
If any provision of sections
				38a-88-1
				to 38a-88-12, inclusive, of the Regulations of Connecticut State Agencies, or
				the application thereof to any person or circumstance, is for any reason held
				to be invalid, the remainder of the regulations and the application of such
				provision to other persons or circumstances shall not be affected
				thereby.
(see appendices next pages)
Connecticut Administrative Code › Title 38a - Insurance Department › 88 - Credit for Reinsurance › Section 38a-88-13 - Scope and Application

Current through July 10, 2024
(a) Sections
			 38a-88-13 to 38a-88-19, inclusive, of the Regulations of Connecticut State
			 Agencies are intended to conform to national uniform standards governing
			 reserve financing arrangements pertaining to life insurance policies containing
			 guaranteed nonlevel gross premiums, guaranteed nonlevel benefits and universal
			 life insurance policies with secondary guarantees; and to ensure that, with
			 respect to each such financing arrangement, funds consisting of primary
			 security and other security, as those terms are defined in section 38a-88-14 of
			 the Regulations of Connecticut State Agencies, are held by or on behalf of
			 ceding insurers in the forms and amounts required in this section and sections
			 38a-88-14 to 38a-88-19, inclusive, of the Regulations of Connecticut State
			 Agencies. In general, reinsurance ceded for reserve financing purposes has one
			 or more of the following characteristics: Some or all of the assets used to
			 secure the reinsurance contract or to capitalize the reinsurer (1) are issued
			 by the ceding insurer or its affiliates; (2) are not unconditionally available
			 to satisfy the general account obligations of the ceding insurer; or (3) create
			 a reimbursement, indemnification or other similar obligation on the part of the
			 ceding insurer or any of its affiliates (other than a payment obligation under
			 a derivative contract acquired in the normal course and used to support and
			 hedge liabilities pertaining to the actual risks in the policies ceded pursuant
			 to the reinsurance contract).
(b)
			 Sections 38a-88-13 to 38a-88-19, inclusive, of the Regulations of Connecticut
			 State Agencies shall apply to reinsurance treaties that cede liabilities
			 pertaining to Covered Policies, as that term is defined in section 38a-88-14 of
			 the Regulations of Connecticut State Agencies, issued by any life insurance
			 company domiciled in this state. Sections 38a-88-13 to 38a-88-19, inclusive, of
			 the Regulations of Connecticut State Agencies and sections 38a-88-l to
			 38a-88-12, inclusive, of the Regulations of Connecticut State Agencies shall
			 both apply to such reinsurance treaties that cede liabilities pertaining to
			 covered policies; provided, that in the event of a direct conflict between the
			 provisions of sections 38a-88-13 to 38a-88-19, inclusive, of the Regulations of
			 Connecticut State Agencies and sections 38a-88-l to 38a-88-12, inclusive, of
			 the Regulations of Connecticut State Agencies, the provisions of sections
			 38a-88-13 to 38a-88-19, inclusive, of the Regulations of Connecticut State
			 Agencies shall apply, but only to the extent of the conflict.
Connecticut Administrative Code › Title 38a - Insurance Department › 88 - Credit for Reinsurance › Section 38a-88-14 - Definitions

Current through July 10, 2024
As used in sections 38a-88-13 to 38a-88-19, inclusive, of the
				Regulations of Connecticut State Agencies:
(1) "Actuarial method" means the methodology
			 used to determine the required level of primary security, as described in
			 section 38a-88-15 of the Regulations of Connecticut State Agencies.
(2) "Attained-age-based yearly renewable term
			 life insurance policies" means policies where:
(A) The premium rates, on both the initial
			 current premium scale and the guaranteed maximum premium scale, are based upon
			 the attained age of the insured such that the rate for any given policy at a
			 given attained age of the insured is independent of the year the policy was
			 issued; and
(B) The premium rates,
			 on both the initial current premium scale and the guaranteed maximum premium
			 scale, are the same as the premium rates for policies covering all insured of
			 the same sex, risk class, plan of insurance and attained age.
Connecticut Administrative Code › Title 38a - Insurance Department › 88 - Credit for Reinsurance › Section 38a-88-17 - Exemptions from this Regulation

Current through July 10, 2024
Sections 38a-88-13 to 38a-88-19, inclusive, of the Regulations
				of Connecticut State Agencies do not apply to the following situations:
(a) Reinsurance of:
(1) Attained-age-based yearly renewable term
			 life insurance policies or n-year renewable term life insurance policies; and
			 which are issued before the later of:
(A) The
			 effective date of this section; or
(B) The date on which the ceding insurer
			 begins to apply the provisions of VM-20 to establish the ceded policies'
			 statutory reserves, but in no event later than January 1, 2020;
Connecticut Administrative Code › Title 38a - Insurance Department › 88 - Credit for Reinsurance › Section 38a-88-18 - Prohibition Against Avoidance

Current through July 10, 2024
No insurer that has covered policies as to which sections
				38a-88-13 to 38a-88-19, inclusive, of the Regulations of Connecticut State
				Agencies apply (as set forth in section 38a-88-13 of the Regulations of
				Connecticut State Agencies) shall take any action or series of actions, or
				enter into any transaction or arrangement or series of transactions or
				arrangements if the purpose of such action, transaction or arrangement or
				series thereof is to avoid the requirements of sections 38a-88-13 to 38a-88-19,
				inclusive, of the Regulations of Connecticut State Agencies, or to circumvent
				the purpose and intent of said sections, as set forth in section 38a-88-13 of
				the Regulations of Connecticut State Agencies.
Connecticut Administrative Code › Title 38a - Insurance Department › 88 - Credit for Reinsurance › Section 38a-88-19 - Severability

Current through July 10, 2024
If any provision of sections 38a-88-13 to 38a-88-19, inclusive,
				of the Regulations of Connecticut State Agencies or the applicability thereof
				to any person or circumstance is held to be invalid, the remainder of said
				sections or the applicability of such provisions to other persons or
				circumstances shall not be affected thereby.
Connecticut Administrative Code › Title 38a - Insurance Department › 88 - Credit for Reinsurance › Appendix A

Current through July 10, 2024
FORM AR-1
CERTIFICATE OF ASSUMING INSURER
I, _______________________________,
				________________________________
(name of officer) (title of officer)
of______________________________________________, the assuming
				insurer
under a reinsurance agreement(s) with one or more insurers
				domiciled in the State of Connecticut, hereby certify that
_______________________________________________ ("Assuming
				Insurer"):
(name of assuming insurer)
1. Submits to the jurisdiction of any court of competent
				jurisdiction within the State of Connecticut for the adjudication of any issues
				arising out of the reinsurance agreement(s), agrees to comply with all
				requirements necessary to give such court jurisdiction, and will abide by the
				final decision of such court or any appellate court in the event of an appeal.
				Nothing in this paragraph constitutes or should be understood to constitute a
				waiver of (Assuming Insurer's) rights to commence an action in any court of
				competent jurisdiction in the United States, to remove an action to a United
				States District Court, or to seek a transfer of a case to another court as
				permitted by the laws of the United States or of any state in the United
				States. This paragraph is not intended to conflict with or override the
				obligation of the parties to the reinsurance agreement to arbitrate their
				disputes if such an obligation is created in the agreement(s).
2. Designates the Insurance Commissioner of the State of
				Connecticut as its lawful attorney upon whom may be served any lawful process
				in any action, suit or proceeding arising out of the reinsurance agreement(s)
				instituted by or on behalf of the ceding insurer.
3. Submits to the authority of the Insurance Commissioner of
				the State of Connecticut to examine its books and records and agrees to bear
				the expense of any such examination.
4. Submits with this form a current list of insurers domiciled
				in the State of Connecticut reinsured by Assuming Insurer and undertakes to
				submit additions to or deletions from the list to the Insurance Commissioner at
				least once per calendar quarter.
Dated: ______________
				_________________________________________
(name of assuming insurer)
BY: __________________________________
(name of officer)
__________________________________
(title of officer)
Connecticut Administrative Code › Title 38a - Insurance Department › 124 - Insider Trading of Domestic Stock Insurance Company Equity Securities › Section 38a-124-1 - Definition of certain terms

Current through July 10, 2024
(a) "Issuer" means
			 any domestic stock insurance company any class of whose equity securities are
			 subject to the provisions of sections
			 38a-117
			 to
			 38a-124
			 inclusive, of the 1965 supplement to the general statutes and are not exempt by
			 reason of the application of either subdivision (i) or (ii) of section
			 38a-123.
(b) "Act" means sections
			 38a-117
			 to
			 38a-124
			 inclusive, of the 1965 supplement to the general statutes.
(c) "Officer" means a president, vice
			 president, treasurer, actuary, secretary, controller and any other person who
			 performs for the domestic stock insurance company functions corresponding to
			 those performed by the foregoing officers.
(d) Subject to the disclaimer provisions of
			 section
			 38a-124-19
			 hereof, beneficial ownership of shares includes shares registered in the name
			 of one's spouse, minor children or any relative resident of one's household,
			 and shall also include shares registered in the name of any other person if, by
			 reason of any contract, understanding, relationship, agreement or other
			 arrangement, one obtains therefrom benefits substantially equivalent to
			 ownership, or can vest or revest title in one's self at once or at some future
			 time.
Connecticut Administrative Code › Title 38a - Insurance Department › 124 - Insider Trading of Domestic Stock Insurance Company Equity Securities › Section 38a-124-2 - Definition of securities 'held of record'

Current through July 10, 2024
(a) For the
			 purpose of determining whether the equity securities of an issuer are held of
			 record by one hundred or more persons, securities shall be deemed to be "held
			 of record" by each person who is identified as the owner of such securities on
			 records of security holders maintained by or on behalf of such issuer, subject
			 to the following conditions:
(1) In any case
			 where the records of security holders have not been maintained in accordance
			 with accepted practice, any additional person who would be identified as such a
			 owner on such records if they had been maintained in accordance with accepted
			 practice shall be included as a holder of record.
(2) Securities identified as held of record
			 by a corporation, a partnership, a trust, whether or not the trustees are
			 named, or other organization shall be included as so held by one
			 person.
(3) Securities identified
			 as held of record by one or more persons as trustees, executors, guardians,
			 custodians or in other fiduciary capacities with respect to a single trust,
			 estate or account shall be included as held of record by one person.
(4) Securities held by two or more persons as
			 co-owners shall be included as held of record by one person.
(5) Each outstanding unregistered or bearer
			 certificate shall be included as held of record by a separate person, except to
			 the extent that the issuer can establish that, if such securities were
			 registered, they would be held of record, under the provisions of this
			 regulation, by a lesser number of persons.
(6) Securities registered in substantially
			 similar names, where the issuer has reason to believe because of the address or
			 other indications that such names represent the same persons, may be included
			 as held of record by one person.
Connecticut Administrative Code › Title 38a - Insurance Department › 124 - Insider Trading of Domestic Stock Insurance Company Equity Securities › Section 38a-124-3 - Transactions exempted from the operation of section 38a-119

Current through July 10, 2024
(a) Any acquisition or disposition of any
			 equity security by a director or officer of an issuer within six months prior
			 to the date on which the act shall first become applicable with respect to the
			 equity securities of such issuer shall not be subject to the operation of
			 section
			 38a-119
			 of the 1965 supplement to the general statutes.
(b) No liability under said section
			 38a-119
			 shall be imposed on any person by reason of any purchase or sale made by him in
			 connection with any transaction approved by the commissioner in accordance with
			 provisions of either section
			 38a-152
			 of the general statutes or 38a-153 of the 1965 supplement thereto.
Connecticut Administrative Code › Title 38a - Insurance Department › 124 - Insider Trading of Domestic Stock Insurance Company Equity Securities › Section 38a-124-4 - Exemption from section 38a-119 of certain transactions effected in connection with a distribution

Current through July 10, 2024
(a) Any transaction
			 of purchase and sale, or sale and purchase, of a security which is effected in
			 connection with the distribution of a substantial block of securities shall be
			 exempt from the provisions of section
			 38a-119
			 of the 1965 supplement to the general statutes, to the extent herein specified,
			 as not comprehended within the purpose of said section, upon the following
			 conditions:
(1) The person effecting the
			 transaction is engaged in the business of distributing securities and is
			 participating in good faith, in the ordinary course of such business, in the
			 distribution of such block of securities;
(2) the security involved in the transaction
			 is (A) a part of such block of securities and is acquired by the person
			 effecting the transaction, with a view to the distribution thereof, from the
			 issuer or other person on whose behalf such securities are being distributed or
			 from a person who is participating in good faith in the distribution of such
			 block of securities, or (B) a security purchased in good faith by or for the
			 account of the person effecting the transaction for the purpose of stabilizing
			 the market price of securities of the class being distributed or to cover an
			 over-allotment or other short position created in connection with such
			 distribution, and
(3) other persons
			 not within the purview of said section
			 38a-119
			 are participating in the distribution of such block of securities on terms at
			 least as favorable as those on which such person is participating and to an
			 extent at least equal to the aggregate participation of all persons exempted
			 from the provisions of said section
			 38a-119
			 by this section. However, the performance of the functions of manager of a
			 distributing group and the receipt of a bona fide payment for performing such
			 functions shall not preclude an exemption which would otherwise be available
			 under this section.
Connecticut Administrative Code › Title 38a - Insurance Department › 124 - Insider Trading of Domestic Stock Insurance Company Equity Securities › Section 38a-124-6 - Exemption from section 38a-119 of certain transactions in which securities are received by redeeming other securities

Current through July 10, 2024
Any acquisition of an equity security, other than a convertible
				security or right to purchase a security, by a director or officer of the
				issuer of such security shall be exempt from the operation of section
				38a-119
				of the 1965 supplement to the general statutes if:
(a) The equity security is acquired by way of
			 redemption of another security of an issuer substantially all of whose assets
			 other than cash, or government bonds, consist of securities of the issuer of
			 the equity security so acquired, and which (1) represented substantially and in
			 practical effect a stated or readily ascertainable amount of such equity
			 security, (2) had a value which was substantially determined by the value of
			 such equity security and (3) conferred upon the holder the right to receive
			 such equity security without the payment of any consideration other than the
			 security redeemed;
(b) No security
			 of the same class as the security redeemed was acquired by the director or
			 officer within six months prior to such redemption or is acquired within six
			 months after such redemption;
(c)
			 The issuer of the equity security acquired has recognized the applicability of
			 subdivision (a) of this rule by appropriate corporation action.
Connecticut Administrative Code › Title 38a - Insurance Department › 124 - Insider Trading of Domestic Stock Insurance Company Equity Securities › Section 38a-124-7 - Exemption from section 38a-119 of certain acquisitions and dispositions of securities involving a voting trust or deposit agreement

Current through July 10, 2024
Any acquisition or disposition of an equity security involved
				in the deposit of such security under, or the withdrawal of such security from,
				a voting trust or deposit agreement, and the acquisition or disposition in
				connection therewith of the certificate representing such security, shall be
				exempt from the operation of section
				38a-119
				of the 1969 supplement to the general statutes if substantially all of the
				assets held under the voting trust or deposit agreement immediately after the
				deposit or immediately prior to the withdrawal, as the case may be, consisted
				of equity securities of the same class as the security deposited or withdrawn;
				provided this section shall not apply to the extent that there shall have been
				either (1) a purchase of an equity security of the class deposited and a sale
				of any certificate representing an equity security of such class, or (2) a sale
				of an equity security of the class deposited and purchase of any certificate
				representing an equity security of such class, otherwise than in a transaction
				involved in such deposit or withdrawal or in a transaction exempted by any
				other provision of the regulations under said section
				38a-119,
				within a period of less than six months which includes the date of the deposit
				or withdrawal.
Connecticut Administrative Code › Title 38a - Insurance Department › 124 - Insider Trading of Domestic Stock Insurance Company Equity Securities › Section 38a-124-8 - Exemption from section 38a-119 of certain acquisitions and dispositions of securities pursuant to mergers or consolidations

Current through July 10, 2024
(a) The
			 following transactions shall be exempt from the provisions of section
			 38a-119
			 of the 1965 supplement to the general statutes as not comprehended within the
			 purpose of said section;
(1) The acquisitions
			 of a security of an issuer, pursuant to a merger or consolidation, in exchange
			 for a security of an issuer which, prior to said merger or consolidation, owned
			 eighty-five per cent or more of the equity securities of all other issuers
			 involved in the merger or consolidation except, in the case of consolidation,
			 the resulting issuer;
(2) the
			 disposition of a security, pursuant to a merger or consolidation of an issuer
			 which, prior to said merger or consolidation, owned eighty-five per cent or
			 more of the equity securities of all other issuers involved in the merger or
			 consolidation except, in the case of consolidations, the resulting
			 issuer;
(3) the acquisition of a
			 security of an issuer, pursuant to a merger or consolidation, in exchange for a
			 security of an issuer which, prior to said merger or consolidation, held over
			 eighty-five per cent of the combined assets of all the issuers undergoing
			 merger or consolidation, computed according to their book values prior to the
			 merger or consolidation as determined by reference to their most recent
			 available financial statement for a twelve-month period prior to the merger or
			 consolidation;
(4) the disposition
			 of a security, pursuant to a merger or consolidation, of an issuer which, prior
			 to said merger or consolidation, held over eighty-five per cent of the combined
			 assets of all the issuers undergoing merger or consolidation, computed
			 according to their book values prior to the merger or consolidation, as
			 determined by reference to their most recent available financial statements for
			 a twelve-month period prior to the merger or consolidation.
Connecticut Administrative Code › Title 38a - Insurance Department › 124 - Insider Trading of Domestic Stock Insurance Company Equity Securities › Section 38a-124-9 - Exemption of long term profits incident to sales within six months of the exercise of an option

Current through July 10, 2024
(a) To the extent
			 specified in subsection (b) of this section, the commissioner hereby exempts as
			 not comprehended within the purposes of section
			 38a-119
			 of the 1965 supplement to the general statutes any transaction or transactions
			 involving the purchase and sale, or sale and purchase, of any equity security
			 where such purchase is pursuant to the exercise of an option or similar right
			 either (1) acquired more than six months before its exercise, or (2) acquired
			 pursuant to the terms of an employment contract entered into more than six
			 months before its exercise.
(b) In
			 respect to transactions specified in subsection (a) the profits inuring to the
			 issuer shall not exceed the difference between the proceeds of sale and the
			 lowest market price of any security of the same class within six months before
			 or after the date of sale. Nothing in this rule shall be deemed to enlarge the
			 amount of profit which would inure to such company in the absence of this
			 rule.
(c) The commissioner also
			 hereby exempts, as not comprehended within the purposes of said section
			 38a-119,
			 the disposition of a security, purchased in a transaction specified in
			 subsection (a), pursuant to a plan or agreement for merger or consolidation, or
			 reclassification of such issuer's securities, or for the exchange of its
			 securities for the securities of another person which has acquired its assets,
			 where the terms of such plan or agreement are binding upon all stockholders of
			 the issuer except to the extent that dissenting stockholders may be entitled,
			 under statutory provisions or provisions contained in the certificate of
			 incorporation, to receive the appraised or fair value of their
			 holdings.
(d) The exemptions
			 provided by this rule shall not apply to any transaction made unlawful by
			 section 38-68d of said supplement or by any rules and regulations
			 thereunder.
(e) The burden of
			 establishing market price of a security for the purpose of this section shall
			 rest upon the person claiming the exemption.
Connecticut Administrative Code › Title 38a - Insurance Department › 124 - Insider Trading of Domestic Stock Insurance Company Equity Securities › Section 38a-124-10 - Exemption from section 38a-119 of certain acquisitions and dispositions of securities involving the conversion of similar securities

Current through July 10, 2024
(a) Any acquisition or disposition of an
			 equity security involved in the conversion of an equity security which, by its
			 terms or pursuant to the terms of the issuer's charter or other governing
			 instruments, is convertible immediately or after a stated period of time into
			 another equity security of the same issuer shall be exempt from the operation
			 of section
			 38a-119
			 of the 1969 supplement to the general statutes; provided this section shall not
			 apply to the extent that there shall have been either (1) a purchase of any
			 equity security of the class convertible, including any acquisition of or
			 change in a conversion privilege, and a sale of an equity security of the class
			 issuable upon conversion, or (2) a sale of any equity security of the class
			 convertible and any purchase of any equity security issuable upon conversion,
			 otherwise than in a transaction involved in such conversion or in a transaction
			 exempted by any other provision of the regulations under said section
			 38a-119
			 within a period of less than six months which includes the date of
			 conversion.
(b) For the purpose of
			 this section, an equity security shall not be deemed to be acquired or disposed
			 of upon conversion of an equity security if the terms of the equity security
			 converted require the payment or entail the receipt, in connection with such
			 conversion, of cash or other property, other than equity securities involved in
			 the conversion, equal in value at the time of conversion to more than fifteen
			 per cent of the value of the equity security issued upon conversion.
(c) For the purpose of this section, an
			 equity security shall be deemed convertible if it is convertible at the option
			 of the holder or of some other person or by operations of the terms of the
			 security or the governing instruments.
Connecticut Administrative Code › Title 38a - Insurance Department › 124 - Insider Trading of Domestic Stock Insurance Company Equity Securities › Section 38a-124-11 - Exemption from section 38a-119 of certain sales of a subscription right involving the acquisition of similar securities

Current through July 10, 2024
(a) Any sale of
			 a subscription right to acquire any subject security of the same issuer shall
			 be exempt from the provisions of section
			 38a-119
			 of the 1969 supplement to the general statutes to the extent prescribed in this
			 section, as not comprehended within the purpose of said section
			 38a-119
			 if:
(1) Such subscription right is acquired,
			 directly or indirectly, from the issuer without the payment of
			 consideration;
(2) such
			 subscription right by its terms expires within forty-five days after the
			 issuance thereof;
(3) such
			 subscription right by its terms is issued on a pro-rata basis to all holders of
			 the beneficiary security of the issuer; and
(4) a registration statement under the
			 Securities Act of 1933, as amended, is in effect as to each subject security,
			 or the applicable terms of any exemption from such registration have been met
			 in respect to each subject security.
Connecticut Administrative Code › Title 38a - Insurance Department › 124 - Insider Trading of Domestic Stock Insurance Company Equity Securities › Section 38a-124-12 - Exemption of certain securities from section 38a-120

Current through July 10, 2024
Any security shall be exempt from the operation of section
				38a-120
				of the 1965 supplement to the general statutes to the extent necessary to
				render lawful under such section the execution by a broker of an order for an
				account in which he has no direct or indirect interest.