reglab/statecodes huggingface dataset:
Connecticut Administrative Code › Title 38a - Insurance Department › 439 - Mortality Tables: Minimum Nonforfeiture Benefits › NAIC Procedure for Permitting Same Minimum Nonforfeiture Standards for Men and Women Under 1980 CSO and 1980 CET Mortality Tables › Section 38a-439-6 - Definitions

Current through July 10, 2024
As used in Sections 38a-439-6 and
				  38a-439-7:
(a) "1980 CSO Table, with or without Ten-Year
				Select Mortality Factor" means that mortality table, consisting of separate
				rates of mortality for male and female lives, developed by the Society of
				Actuaries Committee to Recommend New Mortality Tables for Valuation of Standard
				Individual Ordinary Life Insurance, incorporated in the 1980 NAIC Amendments to
				the Model Standard Valuation Law and Standard Nonforfeiture Law for Life
				Insurance, and referred to in those models as the Commissioners 1980 Standard
				Ordinary Mortality Table, with or without Ten-Year Mortality Factors.
(b) "1980 CSO Table (M), with or without
				Ten-Year Select Mortality Factors" means that mortality table consisting of the
				rates of mortality for male lives from the 1980 CSO Table, with or without
				Ten-Year Select Mortality Factor.
(c) "1980 CSO Table (F), with or without
				Ten-Year Select Mortality Factors" means that mortality table consisting of the
				rates of mortality for female lives from the 1980 CSO Table, with or without
				Ten-Year Select Mortality Factors.
(d) "1980 CET Table" means that mortality
				table consisting of separate rates of mortality for male and female lives,
				developed by the Society of Actuaries Committee to Recommend New Mortality
				Tables for Valuation of Standard Individual Ordinary Life Insurance,
				incorporated in the 1980 NAIC Amendments to the Model Standard Valuation Law
				and Standard Nonforfeiture Law for Life Insurance, and referred to in those
				models as the Commissioners 1980 Extended Term Insurance Table.
(e) "1980 CET Table (M)" means that mortality
				table consisting of the rates of mortality for male lives from the 1980 CET
				Table.
(f) "1980 CET Table (F)"
				means that mortality table consisting of the rates of mortality for female
				lives from the 1980 CET Table.
Connecticut Administrative Code › Title 38a - Insurance Department › 439 - Mortality Tables: Minimum Nonforfeiture Benefits › NAIC Procedure for Permitting Same Minimum Nonforfeiture Standards for Men and Women Under 1980 CSO and 1980 CET Mortality Tables › Section 38a-439-7 - Rule

Current through July 10, 2024
(a) For any policy of insurance on the life
				of either a male or female insured delivered or issued for delivery in this
				state on or after the date of election pursuant to Section
				38a-439(e)
				(11), a company may, for that policy form,
				substitute for use in determining minimum cash surrender values and amounts of
				paid-up nonforfeiture benefits: (1) a mortality table which is blend of the
				1980 CSO Table (M) and the 1980 Table (F) with or without Ten-Year Select
				Mortality Factors for the 1980 CSO Table, with or without Ten-Year Select
				Mortality Factors; and (2) a mortality table which is of the same blend as used
				in (1) of this subsection but applied to form a blend of the 1980 CET Table (M)
				and the 1980 CET Table (F) in lieu of the 1980 CET Table.
(b) For purposes of the substitution
				authorized by subsection (a) of this section, the following tables will be
				considered as the basis for acceptable tables:
(1) 100% Male 0% Female for tables to be
				designated as the "1980 CSO-A"; and "1980 CET-A"; tables.
(2) 80% Male 20% Female for tables to be
				designated as the "1980 CSO-B"; and "1980 CET-B"; tables.
(3) 60% Male 40% Female for tables to be
				designated as the "1980 CSO-C"; and "1980 CET-C"; tables.
(4) 50% Male and 50% Female for tables to be
				designated as the "1980 CSO-D"; and "1980 CET-D"; tables.
(5) 40% Male 60% Female for tables to be
				designated as the "1980 CSO-E"; and "1980 CET-E"; tables.
(6) 20% Male 80% Female for tables to be
				designated as the "1980 CSO-F"; and "1980 CET-F"; tables.
(7) 0% Male 100% Female for tables to be
				designated as the "1980 CSO-G"; and "1980 CET-G"; tables.
The tables of subdivisions (1) and (7) of this subsection are
				  not to be used with respect to policies issued on or after January 1, 1986
				  except where the proportion of persons insured is anticipated to be 90% or more
				  of one sex or the other.
Connecticut Administrative Code › Title 38a - Insurance Department › 439 - Mortality Tables: Minimum Nonforfeiture Benefits › NAIC Procedure for Permitting Same Minimum Nonforfeiture Standards for Men and Women Under 1980 CSO and 1980 CET Mortality Tables › Section 38a-439-8 - Unfair discrimination

Current through July 10, 2024
It shall not be a violation of Section
				  38a-815
				  of the Connecticut General Statutes for an insurer to issue the same kind of
				  policy of life insurance on both a sex distinct and sex neutral
				  basis.
Connecticut Administrative Code › Title 38a - Insurance Department › 439 - Mortality Tables: Minimum Nonforfeiture Benefits › NAIC Procedure for Permitting Same Minimum Nonforfeiture Standards for Men and Women Under 1980 CSO and 1980 CET Mortality Tables › Section 38a-439-9 - Separability

Current through July 10, 2024
If any provision of this regulation or the application
				  thereof to any person or circumstance is for any reason held to be invalid, the
				  remainder of the regulation and the application of such provision to other
				  persons or circumstances shall not be affected thereby.
Connecticut Administrative Code › Title 38a - Insurance Department › 439 - Mortality Tables: Minimum Nonforfeiture Benefits › 2001 CSO Mortality Table › Section 38a-439-10 - Purpose

Current through July 10, 2024
The purpose of sections 38a-439-10 to
				  38a-439-15,
				  inclusive, of the Regulations of Connecticut State Agencies, is to recognize,
				  permit and prescribe the use of the 2001 Commissioners Standard Ordinary (CSO)
				  Mortality Table for use in determining minimum nonforfeiture benefits in
				  accordance with the Standard Nonforfeiture Law, subsection (e)(8)(C)(vi) of
				  section
				  38a-439
				  of the Connecticut General Statutes.
Connecticut Administrative Code › Title 38a - Insurance Department › 439 - Mortality Tables: Minimum Nonforfeiture Benefits › 2001 CSO Mortality Table › Section 38a-439-11 - Definitions

Current through July 10, 2024
As used in sections
				  38a-439-10 to
				  38a-439-15,
				  inclusive, of the Regulations of Connecticut State Agencies:
(a) "2001 CSO Mortality Table" means that
				mortality table, consisting of separate rates of mortality for male and female
				lives, developed by the American Academy of Actuaries CSO Task Force from the
				Valuation Basic Mortality Table developed by the Society of Actuaries
				Individual Life Insurance Valuation Mortality Task Force, proposed to the
				National Association of Insurance Commissioners' Life and Health Actuarial Task
				Force at its June 2002 meeting and adopted by the National Association of
				Insurance Commissioners in December 2002. The 2001 CSO Mortality Table is
				included in the Proceedings of the NAIC (2nd Quarter 2002). Unless the context
				indicates otherwise, the "2001 CSO Mortality Table" includes both the ultimate
				form of that table and the select and ultimate form of that table and includes
				both the smoker and nonsmoker mortality tables and the composite mortality
				tables. It also includes both the age-nearest-birthday and age-last-birthday
				bases of the mortality tables.
(b)
				"2001 CSO Mortality Table (F)" means that mortality table consisting of the
				rates of mortality for female lives from the 2001 CSO Mortality
				Table.
(c) "2001 CSO Mortality
				Table (M)" means that mortality table consisting of the rates of mortality for
				male lives from the 2001 CSO Mortality Table.
(d) "Composite mortality tables" means
				mortality tables with rates of mortality that do not distinguish between
				smokers and nonsmokers.
(e) "Smoker
				and nonsmoker mortality tables" means mortality tables with separate rates of
				mortality for smokers and nonsmokers.
(f) "Commissioner" means the Insurance
				Commissioner.
Connecticut Administrative Code › Title 38a - Insurance Department › 439 - Mortality Tables: Minimum Nonforfeiture Benefits › 2001 CSO Mortality Table › Section 38a-439-12 - 2001 CSO mortality table

Current through July 10, 2024
(a) At the election
				of the company for any one or more specified plans of insurance and subject to
				the conditions stated in section
				38a-439-13 of the
				Regulations of Connecticut State Agencies, the 2001 CSO Mortality Table may be
				used as the minimum standard for policies issued after April 1, 2005 and before
				the date specified in subsection (b) of this subsection to which subsection (d)
				of section
				38a-78
				of the Connecticut General Statutes and subsection (e)(8)(C)(vi) of section
				38a-439
				of the Connecticut General Statutes are applicable. If the company elects to
				use the 2001 CSO Mortality Table, it shall do so for both valuation and
				nonforfeiture purposes. With respect to domestic life insurers only, written
				notice of election to comply with the provisions of this subsection on or after
				a specified date shall be filed with the commissioner.
(b) Subject to the conditions stated in
				section
				38a-439-13 of the
				Regulations of Connecticut State Agencies, the 2001 CSO Mortality Table shall
				be used in determining minimum standards for policies issued on and after
				January 1, 2009 to which subsection (d) of section
				38a-78
				of the Connecticut General Statutes and subsection (e)(8)(C)(vi) of section
				38a-439
				of the Connecticut General Statutes are applicable.
Connecticut Administrative Code › Title 38a - Insurance Department › 439 - Mortality Tables: Minimum Nonforfeiture Benefits › 2001 CSO Mortality Table › Section 38a-439-13 - Conditions

Current through July 10, 2024
(a) For each plan of insurance with separate
				rates for smokers and nonsmokers an insurer may use:
(1) Composite mortality tables to determine
				minimum reserve liabilities and minimum cash surrender values and amounts of
				paid-up nonforfeiture benefits;
(2)
				Smoker and nonsmoker mortality tables to determine the valuation net premiums
				and additional minimum reserves, if any, required by subsection (j) of section
				38a-78
				of the Connecticut General Statutes and use composite mortality tables to
				determine the basic minimum reserves, minimum cash surrender values and amounts
				of paid-up nonforfeiture benefits; or
(3) Smoker and nonsmoker mortality to
				determine minimum reserve liabilities and minimum cash surrender values and
				amounts of paid-up nonforfeiture benefits.
Connecticut Administrative Code › Title 38a - Insurance Department › 439 - Mortality Tables: Minimum Nonforfeiture Benefits › 2001 CSO Mortality Table › Section 38a-439-14 - Gender-blended tables

Current through July 10, 2024
(a) For any
				ordinary life insurance policy delivered or issued for delivery in this state
				after April 1, 2005 that utilizes the same premium rates and charges for male
				and female lives or is issued in circumstances where applicable law does not
				permit distinctions on the basis of gender, a mortality table that is a blend
				of the 2001 CSO Mortality Table (M) and the 2001 CSO Mortality Table (F) may,
				at the option of the company for each plan of insurance, be substituted for the
				2001 CSO Mortality Table for use in determining minimum cash surrender values
				and amounts of paid-up nonforfeiture benefits. No change in minimum valuation
				standards is implied by this subsection.
(b) The company may choose from among the
				blended tables developed by the American Academy of Actuaries CSO Task Force,
				proposed to the National Association of Insurance Commissioners' Life and
				Health Actuarial Task Force at its June 2002 meeting and adopted by the
				National Association of Insurance Commissioners in December 2002. The proposed
				blended tables are included as Appendix J-1 of the report of the CSO Task Force
				and are included in the Proceedings of the National Association of Insurance
				Commissioners (2nd Quarter 2002).
(c) It shall not, in and of itself, be a
				violation of section
				38a-815
				or
				38a-816
				of the Connecticut General Statutes for an insurer to issue the same kind of
				policy of life insurance on both a sex-distinct and sex-neutral
				basis.
Connecticut Administrative Code › Title 38a - Insurance Department › 439 - Mortality Tables: Minimum Nonforfeiture Benefits › 2001 CSO Mortality Table › Section 38a-439-15 - Separability

Current through July 10, 2024
If any provision of sections
				  38a-439-10 to
				  38a-439-14,
				  inclusive, of the Regulations of Connecticut State Agencies or its application
				  to any person or circumstance is for any reason held to be invalid, the
				  remainder of said sections and the application of the provision to other
				  persons or circumstances shall not be affected.
Connecticut Administrative Code › Title 38a - Insurance Department › 457 - Accelerated Benefits of Life Insurance › Section 38a-457-1 - Definitions

Current through July 10, 2024
As used in Sections 38a-457-1 to
				38a-457-11,
				inclusive of the Regulations of Connecticut State Agencies:
(a) "Accelerated Benefits" means benefits
			 payable under a life insurance policy sold in this state:
(1) during the lifetime of the insured, in a
			 lump sum or in periodic payments, as specified in the policy, provided, upon
			 the occurrence of a qualifying event as defined in subdivision (3) of
			 subsection (c) of this section, no such benefits shall be payable in periodic
			 payments;
(2) upon the occurrence
			 of a qualifying event, as specified in the policy, and certified by a physician
			 who is licensed under the laws of a state or territory of the United States, or
			 such other foreign or domestic jurisdiction as the Commissioner may approve;
			 and
(3) which reduce the death
			 benefits otherwise payable under the life insurance policy.
Connecticut Administrative Code › Title 38a - Insurance Department › 457 - Accelerated Benefits of Life Insurance › Section 38a-457-2 - Type of product

Current through July 10, 2024
(a) The risks
			 insured under accelerated benefit riders and life insurance policies with
			 accelerated benefit provisions shall be considered primarily mortality risks
			 rather than morbidity risks; therefore, such riders and policies are considered
			 to provide life insurance benefits.
(b) An accelerated benefits life insurance
			 policy shall not include a policy providing for disability income protection
			 coverage, or long term care coverage, as defined in Sections
			 38a-501
			 and
			 38a-528
			 of the General Statutes. For purposes of this subsection, disability income
			 protection consisting of no more than $20 per $1,000 of coverage shall not
			 constitute "a policy providing for disability income protection
			 coverage."
(c) Death benefits may
			 not be reduced more than the amount of the accelerated benefits paid plus any
			 applicable actuarial discount appropriate to the policy design for policies
			 without additional premium payments. When an accelerated benefit is paid, the
			 amount paid may be considered as (1) a pro-rata reduction in cash value or
			 death benefits, or both, or (2) a lien against the death benefit of the
			 contract and the access to the cash value shall be restricted to any excess of
			 the cash value over the sum of other outstanding loans and the lien.
(d) The company may set a minimum benefit
			 amount, but in no case shall it be more than 25 percent of the face value of
			 the policy.
(e) The accidental
			 death benefit, if any, in the policy shall not be affected by the payment of
			 the accelerated benefit.
Connecticut Administrative Code › Title 38a - Insurance Department › 457 - Accelerated Benefits of Life Insurance › Section 38a-457-5 - Disclosures

Current through July 10, 2024
(a)
Descriptive title.
The face
			 of every accelerated benefits policy shall contain the following:
(1) a description of coverage which uses the
			 terminology "accelerated";
(2) the
			 following statement: "Benefits as specified under this policy will be reduced
			 upon receipt of an accelerated benefit."
Accelerated benefits products shall not be described or
				marketed as long-term care insurance or as providing long-term care
				benefits.
Connecticut Administrative Code › Title 38a - Insurance Department › 457 - Accelerated Benefits of Life Insurance › Section 38a-457-6 - Effective date of the accelerated benefits

Current through July 10, 2024
The accelerated benefit provision for accidents shall be
				effective on the effective date of the policy or rider. The accelerated benefit
				provision in the case of illness shall be effective no more than thirty (30)
				days following the effective date of the policy or rider.
Connecticut Administrative Code › Title 38a - Insurance Department › 457 - Accelerated Benefits of Life Insurance › Section 38a-457-7 - Waiver of premiums

Current through July 10, 2024
The accelerated benefit provision may or may not provide for
				the waiver of premium in the absence of a regular waiver of premium provision
				being in effect. At the time the benefit is claimed, the insurer shall explain
				any continuing premium requirements to keep the policy in
				force.
Connecticut Administrative Code › Title 38a - Insurance Department › 457 - Accelerated Benefits of Life Insurance › Section 38a-457-9 - Actuarial standards

Current through July 10, 2024
(a)
Financing
			 options
.
(1) The insurer may require a
			 premium charge or cost of insurance charge, or
(2) The insurer may pay a present value of
			 the face amount less any reasonable administrative expense charge. The
			 calculation shall be based on any applicable actuarial discount appropriate to
			 the policy design. The interest calculation shall be no greater than the
			 maximum loan rate specified on currently issued policies, or
(3) The insurer may accrue an interest charge
			 on the amount of the accelerated benefits at an interest rate no greater than
			 the loan rate on currently issued policies.
Connecticut Administrative Code › Title 38a - Insurance Department › 457 - Accelerated Benefits of Life Insurance › Section 38a-457-10 - Reserves

Current through July 10, 2024
At the time of the filing of the policy form, the valuation
				method and assumptions need to be filed with the Commissioner. The assumptions
				should reflect the mortality and interest rate assumptions for life insurance
				policies and appropriate assumptions for the other provisions incorporated in
				the policy form.
Connecticut Administrative Code › Title 38a - Insurance Department › 458 - Life Insurance Providing Long-Term Care Benefits › Section 38a-458-1 - Definitions

Current through July 10, 2024
As used in Sections 38a-458-1 to
				38a-458-12,
				inclusive of the Regulations of Connecticut State Agencies:
(a) "Long-term care benefits" mean:
(1) benefits as defined under Sections
			 38a-501
			 and
			 38a-528
			 of the Connecticut General Statutes;
(2) which reduce the death benefit otherwise
			 payable under the life insurance policy or the account value under the annuity
			 contract; and
(3) which are payable
			 in periodic payments or a lump sum payment to either a provider or the insured
			 upon confinement.
Connecticut Administrative Code › Title 38a - Insurance Department › 458 - Life Insurance Providing Long-Term Care Benefits › Section 38a-458-2 - Type of product

Current through July 10, 2024
The risks insured under long-term care benefits riders, life
				insurance policies and annuity contracts with long-term care benefits
				provisions shall be considered primarily mortality risks rather than morbidity
				risks; therefore, such riders and policies are considered to provide life
				insurance benefits. In the absence of a contractual provision within the policy
				that payment of long-term care benefits will cease upon the termination of the
				policy, the long-term care benefits shall continue to be
				paid.
Connecticut Administrative Code › Title 38a - Insurance Department › 458 - Life Insurance Providing Long-Term Care Benefits › Section 38a-458-5 - Disclosures

Current through July 10, 2024
(a)
Descriptive title.
The face
			 of a policy providing long-term care benefits shall contain the following:
(1) a description of coverage which uses the
			 terminology "long-term care benefits";
(2) the following statement: "Benefits as
			 specified under this life insurance policy or annuity contract will be reduced
			 upon receipt of long-term care benefits."
Connecticut Administrative Code › Title 38a - Insurance Department › 458 - Life Insurance Providing Long-Term Care Benefits › Section 38a-458-7 - Waiver of premium

Current through July 10, 2024
The long-term care benefits provision may or may not provide
				for the waiver of premium in the absence of a regular waiver of premium
				provision being in effect. At the time that the benefits are claimed, the
				insurer shall explain any continuing premium requirement to keep the policy in
				force.
Connecticut Administrative Code › Title 38a - Insurance Department › 458 - Life Insurance Providing Long-Term Care Benefits › Section 38a-458-8 - Discrimination

Current through July 10, 2024
Insurers shall not unfairly discriminate among insureds with
				respect to the eligibility for long-term care benefits. Insurers shall not
				apply further conditions on the payment of the long-term care benefits other
				than those conditions specified in the policy or rider. Insurers shall not
				apply preexisting condition limitations to the underlying life insurance
				policy, except as permitted under Sections
				38a-501-11(b)
				and
				38a-528-4(b)
				of the Regulations of Connecticut State Agencies for attached long-term care
				benefits.
Connecticut Administrative Code › Title 38a - Insurance Department › 458 - Life Insurance Providing Long-Term Care Benefits › Section 38a-458-9 - Financing options; cash values; policy loans; death benefits

Current through July 10, 2024
(a)
Financing options
.
(1) The insurer may require a premium charge
			 or cost of insurance charge; or
(2)
			 The insurer may pay a present value of the face amount. The calculation shall
			 be based on any applicable actuarial discount appropriate to the policy design.
			 The interest calculation shall be no greater than the maximum loan rate
			 specified on currently issued policies; or
(3) The insurer may accrue an interest charge
			 on the amount of the long-term care benefits at an interest rate no greater
			 than the loan rate on currently issued policies.
Connecticut Administrative Code › Title 38a - Insurance Department › 458 - Life Insurance Providing Long-Term Care Benefits › Section 38a-458-10 - Reserves

Current through July 10, 2024
At the time of filing of the policy form, the valuation method
				and assumptions shall be filed with the Insurance Department. The assumptions
				should reflect the statutory mortality and interest rate assumptions for life
				insurance policies and appropriate assumptions for the other provisions
				incorporated in the policy form.
Connecticut Administrative Code › Title 38a - Insurance Department › 458 - Life Insurance Providing Long-Term Care Benefits › Section 38a-458-11 - Other requirements

Current through July 10, 2024
In addition to the preceding and where not inconsistent with
				the preceding, long-term care benefits riders and life insurance policies with
				long-term care benefits provisions shall comply with the requirements of the
				regulations promulgated under Sections
				38a-501
				and
				38a-528
				of the General Statutes.
Connecticut Administrative Code › Title 38a - Insurance Department › 458 - Life Insurance Providing Long-Term Care Benefits › Section 38a-458-12 - Separability

Current through July 10, 2024
If any provision of this regulation or the application thereof
				to any person or circumstance is for any reason held to be invalid, the
				remainder of the regulation and the application of such provision to other
				persons or circumstances shall not be affected thereby.
Connecticut Administrative Code › Title 38a - Insurance Department › 459 - Synthetic Guaranteed Investment Contracts › Section 38a-459-1 - Scope and application

Current through July 10, 2024
Sections 38a-459-1 to
				38a-459-9,
				inclusive, of the Regulations of Connecticut State Agencies prescribe the terms
				and conditions in this State under which life insurance companies may issue
				group annuity contracts and other agreements that in whole or in part establish
				the insurance company's obligation by reference to a segregated portfolio of
				assets that is not owned by the insurance company; the essential operational
				features of the segregated portfolio of assets; and the reserve requirements
				for these group annuity contracts and agreements. In addition, sections
				38a-459-1 to
				38a-459-9,
				inclusive, of the Regulations of Connecticut State Agencies apply to that
				portion of a group annuity contract or other agreement described in section
				38a-459-2(26)
				of the Regulations of Connecticut State Agencies and issued by a life insurance
				company functioning as an accounting record for an accumulation fund and having
				benefit guarantees relating to a principal amount and levels of interest at a
				fixed rate of return specified in advance. The fixed rates of return shall be
				constant over the applicable rate periods, and may reflect prior and current
				market conditions with respect to the segregated portfolio but may not
				reference future changes in market conditions. Any contract that has been
				approved by the insurance commissioner prior to June 1, 2002 need not be
				re-filed with the insurance commissioner.
Connecticut Administrative Code › Title 38a - Insurance Department › 459 - Synthetic Guaranteed Investment Contracts › Section 38a-459-4 - Required contract provisions and filing requirements for synthetic guaranteed investment contracts

Current through July 10, 2024
(a) A contract may
			 not be delivered or issued for delivery in this state unless the contract
			 satisfies the requirements of this subsection and the issuing insurance company
			 has satisfied the requirements of subsection (b) of this section with respect
			 to the contract. The contract shall:
(1)
			 Provide that the assets to which the contract pertains and for which a contract
			 value record is established will be maintained in a segregated portfolio of a
			 permitted custodial institution;
(2) Grant the insurance company the right to
			 perform audits and inspections of assets held in the segregated portfolio from
			 time to time upon reasonable notice to the permitted custodial
			 institution;
(3) Provide that the
			 insurance company will receive prior notice of and the right to approve any
			 appointment or change of investment managers;
(4) Give a description of how the contract
			 value record will be determined, and, where applicable, adjusted by a crediting
			 rate formula;
(5) State the maximum
			 rate period between crediting rate formula recalculations that shall be
			 permitted, if any;
(6) Provide the
			 insurance company with the right to refuse to recognize any new deposits to the
			 segregated portfolio unless there is a written agreement between the insurance
			 company and the contract holder as to the permissible levels and timing of new
			 deposits;
(7) Clearly identify all
			 circumstances under which insurance company payments or advances to the
			 contract holder are to be made;
(8)
			 Clearly identify the types of withdrawals made on a market value
			 basis;
(9) Provide either a fixed
			 maturity schedule or a settlement option that permits the contract holder to
			 receive the contract value record over time, provided that no unilateral
			 contract termination event has occurred; and
(10) Include a provision stating, or
			 substantially similar to, the following:
"No waiver of remedies by the insurance company that is a party
				to this agreement, following the breach of any contractual provision of the
				agreement or of the investment guidelines applicable to it, or failure to
				enforce the provisions or guidelines, which constitutes grounds for termination
				of this agreement for cause by the insurance company, and is not cured within
				30 days following the insurance company's discovery of it, shall be effective
				against the insurance commissioner in any future rehabilitation or insolvency
				proceedings against the insurance company unless approved in advance in writing
				by the insurance commissioner."
Connecticut Administrative Code › Title 38a - Insurance Department › 459 - Synthetic Guaranteed Investment Contracts › Section 38a-459-5 - Investment management of the segregated portfolio

Current through July 10, 2024
(a) The
			 investment manager shall be responsible for, and have control over, the
			 management of all segregated portfolio assets within the constraints specified
			 in the investment guidelines.
(b)
			 The investment guidelines shall be submitted to the insurance company for
			 underwriting review before the contract becomes effective.
(c) If the insurance company accepts a
			 proposed change to the investment guidelines or allows the contract to operate
			 in accordance with investment guidelines not meeting the criteria established
			 in the description of allowable investment parameters in section
			 38a-459-3(c)(7)
			 of the Regulations of Connecticut State Agencies, approval of the
			 non-conforming investment guidelines shall be requested pursuant to section
			 38a-459-3(c)(7)
			 of the Regulations of Connecticut State Agencies.
Connecticut Administrative Code › Title 38a - Insurance Department › 459 - Synthetic Guaranteed Investment Contracts › Section 38a-459-6 - Purchase of annuities from segregated account assets

Current through July 10, 2024
For group annuity contracts, which make available to the
				contract holder the purchase of immediate or deferred annuities for the benefit
				of individual members of the group, an annuity may not be purchased without the
				delivery of the contractually agreed upon consideration in cash to the
				insurance company from the segregated portfolio for allocation to the insurance
				company's general account or a separate account. The insurance company shall
				collect adequate consideration for the cost of annuities purchased under
				contract option by transfer from the segregated portfolio.
Connecticut Administrative Code › Title 38a - Insurance Department › 459 - Synthetic Guaranteed Investment Contracts › Section 38a-459-7 - Unilateral synthetic guaranteed investment contract terminations

Current through July 10, 2024
A contract subject to sections
				38a-459-1
				to
				38a-459-9,
				inclusive, of the Regulations of Connecticut State Agencies shall allow the
				insurance company to unilaterally and immediately terminate, without future
				liability of the insurance company or obligation to provide further benefits,
				upon the occurrence of any one of the following events that is material and
				that is not cured within 30 days following the insurance company's discovery of
				it:
(1) The investment guidelines are
			 changed without the advance consent of the insurance company and the investment
			 manager is not controlling, controlled by, or under common control with the
			 insurance company;
(2) The
			 segregated portfolio, if managed by an entity that is not controlling,
			 controlled by, or under common control with the insurance company, is invested
			 in a manner that does not comply with the investment guidelines; or
(3) Investment discretion over the segregated
			 portfolio is exercised by or granted to anyone other than the investment
			 manager.
Connecticut Administrative Code › Title 38a - Insurance Department › 459 - Synthetic Guaranteed Investment Contracts › Section 38a-459-8 - Reserves for synthetic guaranteed investment contracts

Current through July 10, 2024
(a) An insurance company, at all times, shall
			 hold minimum reserves in the general account or one or more separate accounts,
			 as appropriate, equal to the excess, if any, of the value of the guaranteed
			 contract liabilities, determined in accordance with subsections (f) and (g) of
			 this section, over the market value of the assets in the segregated portfolio
			 less the deductions provided for in subsection (b) of this section. The reserve
			 requirements of this section shall be applied on a contract by contract
			 basis.
(b) In determining
			 compliance with the asset maintenance requirement and the reserve for
			 guaranteed contract liabilities, the insurance company shall deduct a
			 percentage of the market value of an asset as follows:
(1)
(A) For
			 debt instruments, the percentage shall be the National Association of Insurance
			 Commissioners asset valuation reserve "reserve objective factor," as set forth
			 in the instructions for the National Association of Insurance Commissioners
			 Annual and Quarterly Statement Blank, but the factor shall be increased by 50
			 percent for the purpose of this calculation if the difference in durations of
			 the assets and liabilities is more than 184 days.
(B) Notwithstanding the provisions of
			 subparagraph (A) of this subdivision, in the event that, under the terms of a
			 synthetic guaranteed investment contract, the asset default for debt
			 instruments is borne solely by the contract holder, there shall be no asset
			 valuation reserve percentage deduction from the market value of an asset, for
			 purposes of complying with the asset maintenance requirement and the reserve
			 for guaranteed contract liabilities specified in subsection (a) of this
			 section.
Connecticut Administrative Code › Title 38a - Insurance Department › 459 - Synthetic Guaranteed Investment Contracts › Section 38a-459-9 - Severability

Current through July 10, 2024
If any provision of sections
				38a-459-1
				to 38a-459-9, inclusive, of the Regulations of Connecticut State Agencies or
				its application to any person or circumstance is held to be invalid, the
				remainder of the regulation and the application of such provision to other
				persons or circumstances shall not be affected thereby.
Connecticut Administrative Code › Title 38a - Insurance Department › 459 - Synthetic Guaranteed Investment Contracts › Separate Accounts Funding Guaranteed Minimum Benefits Under Group Contracts › Section 38a-459-10 - Scope and application

Current through July 10, 2024
Sections 38a-459-10 to
				  38a-459-20,
				  inclusive, of the Regulations of Connecticut State Agencies prescribes rules
				  for separate accounts that fund guaranteed minimum benefits under group
				  contracts. In addition, the regulation sets the procedures for establishing and
				  maintaining these separate accounts and the reserve requirements for these
				  accounts. The following requirements apply to group life insurance contracts,
				  group annuity contracts, or funding agreements issued for delivery on or after
				  June 1, 2002 if the contract is a group contract utilizing a separate account
				  and providing guaranteed minimum benefits. However, for contracts issued on or
				  before twenty-four months after June 1, 2002, the insurance company may
				  continue to operate in accordance with the issued contract and plan of
				  operations, if any, until such time as the applicable contract terms or
				  provisions are substantially changed, at which time a filing in compliance with
				  sections 38a-459-10 to
				  38a-459-20,
				  inclusive, of the Regulations of Connecticut State Agencies shall be required.
				  Sections 38a-459-10 to
				  38a-459-20,
				  inclusive, of the Regulations of Connecticut State Agencies shall not apply to
				  modified guaranteed annuities, modified guaranteed life insurance, variable
				  annuities, variable life insurance, or equity index products but sections
				  38a-459-10 to
				  38a-459-20,
				  inclusive, of the Regulations of Connecticut State Agencies shall apply to
				  index contracts as defined in section
				  38a-459-11 of the
				  Regulations of Connecticut State Agencies.
Connecticut Administrative Code › Title 38a - Insurance Department › 459 - Synthetic Guaranteed Investment Contracts › Separate Accounts Funding Guaranteed Minimum Benefits Under Group Contracts › Section 38a-459-13 - Contract provisions and filing requirements

Current through July 10, 2024
(a) A
				contract may not be delivered or issued for delivery in this state unless the
				contract satisfies the following requirements. The contract shall provide:
(1) A description of any contractual
				safeguards that ensure asset sufficiency, including termination events,
				discontinuance triggers, or discontinuance options and corrective action
				procedures;
(2) A description of
				how charges under the contract are computed, including, but not limited to,
				risk or surrender charges; and
(3)
				For a book value contract, a description of how any market value adjustments
				under the contract are computed.
Connecticut Administrative Code › Title 38a - Insurance Department › 459 - Synthetic Guaranteed Investment Contracts › Separate Accounts Funding Guaranteed Minimum Benefits Under Group Contracts › Section 38a-459-14 - Asset maintenance requirements for market value separate accounts supporting contracts other than index contracts

Current through July 10, 2024
(a) An
				insurance company shall hold sufficient assets as a reserve in the general
				account, separate account, or supplemental accounts, as appropriate, such that
				the market value of the assets held in the separate account, plus the market
				value of any supplemental account, plus assets held in the general account as a
				reserve for guaranteed contract liabilities (valued in accordance with section
				38a-78
				of the Connecticut General Statutes), less the deductions provided for in
				subsection (b) of this section, equals or exceeds the value of guaranteed
				contract liabilities determined in accordance with subsection (f) of this
				section.
(b) In determining
				compliance with the asset maintenance requirement and the reserve for
				guaranteed contract liabilities in accordance with subsection (a) of this
				section, the insurance company shall deduct a percentage of the market value of
				the separate account or supplemental account asset or an amount attributable to
				a replicated (synthetic asset) transaction as follows:
(1) For debt instruments, the percentage
				shall be the National Association of Insurance Commissioners asset valuation
				reserve "reserve objective factor," as set forth in the instructions for the
				National Association of Insurance Commissioners Annual and Quarterly Statement
				Blank, but the factor shall be increased 50 percent for the purpose of this
				subdivision if the difference in durations of the assets and liabilities is
				more than 184 days;
(2) For assets
				that are not debt instruments, the percentage shall be the National Association
				of Insurance Commissioners asset valuation reserve "maximum reserve factor," as
				set forth in the instructions for the National Association of Insurance
				Commissioners Annual and Quarterly Statement Blank; and
(3) For replicated (synthetic asset)
				transactions, the market value of the separate account or supplemental account
				assets shall be decreased by an amount equal to the asset valuation reserve for
				the transaction as if the transaction were occurring in the general account,
				determined in accordance with section
				38a-78
				of the Connecticut General Statutes; but to the extent that the National
				Association of Insurance Commissioners asset valuation reserve maximum reserve
				factor, as set forth in the instructions for the National Association of
				Insurance Commissioners Annual and Quarterly Statement Blank, was not used in
				determining the amount of the deduction, the amount of the deduction shall be
				increased 50 percent for purposes of this subdivision.
Connecticut Administrative Code › Title 38a - Insurance Department › 459 - Synthetic Guaranteed Investment Contracts › Separate Accounts Funding Guaranteed Minimum Benefits Under Group Contracts › Section 38a-459-15 - Asset maintenance requirements for market value separate accounts supporting index contracts

Current through July 10, 2024
(a) An insurance
				company shall hold sufficient assets as a reserve in the general account, the
				separate account, or supplemental accounts, as appropriate, such that the
				market value of the assets held in the separate account, plus the market value
				of any supplemental account, plus any assets held in the general account as a
				reserve for guaranteed contract liabilities (valued in accordance with section
				38a-78
				of the Connecticut General Statutes), less any deduction provided for in
				subsection (b) of this section, equals or exceeds the value of guaranteed
				contract liabilities determined in the manner set forth in the plan of
				operations.
(b) In determining
				compliance with the asset maintenance requirement and the reserves for
				guaranteed contract liabilities held in accordance with subsection (a) of this
				section, the insurance company shall deduct a percentage of the market value of
				a separate account or supplemental account asset as set forth in the plan of
				operations, and for replication (synthetic asset) transactions, the value of
				the separate account or supplemental account assets shall be decreased in the
				manner set forth in the plan of operations.
(c) All or a portion of the amount needed to
				comply with the asset maintenance requirement may be allocated to one or more
				supplemental accounts. If the account contract or applicable law provides that
				the assets in the separate account shall not be charged with liabilities
				arising out of any other business of the insurance company, the insurance
				company shall maintain in a supplemental account or the general account the
				amount of any account assets in excess of the sum of the amounts contributed
				(net of withdrawals) by the contract holder and the earnings attributable to
				the amounts contributed (net of withdrawals) by the contract holder.
Connecticut Administrative Code › Title 38a - Insurance Department › 459 - Synthetic Guaranteed Investment Contracts › Separate Accounts Funding Guaranteed Minimum Benefits Under Group Contracts › Section 38a-459-16 - Asset maintenance requirements for separate account supporting book value contracts

Current through July 10, 2024
(a) An insurance
				company, at all times, shall hold sufficient assets in the general account, the
				separate account, or supplemental accounts, as appropriate, such that the value
				of the account assets, valued as if the assets were held in the insurance
				company's general account, equals or exceeds the reserve required for contracts
				supported by the separate account, determined as if the contracts were held in
				the general account.
(b) All or any
				portion of the amount needed to comply with the asset maintenance requirement
				may be allocated to one or more supplemental accounts. If the account contract
				or applicable law provides that the assets in the separate account shall not be
				chargeable with liabilities arising out of any other business of the insurance
				company, the insurance company shall maintain in a supplemental account or the
				general account the amount of any account assets in excess of the sum of the
				amounts contributed (net of withdrawals) by the contract holder, and the
				earnings attributable to the amounts contributed (net of withdrawals) by the
				contract holder.
Connecticut Administrative Code › Title 38a - Insurance Department › 459 - Synthetic Guaranteed Investment Contracts › Separate Accounts Funding Guaranteed Minimum Benefits Under Group Contracts › Section 38a-459-18 - Asset valuation reserve exemption for certain market value separate accounts

Current through July 10, 2024
When the insurance company values separate account or
				  supplemental account assets at market value and complies with the asset
				  maintenance requirements pursuant to sections
				  38a-459-14
				  or
				  38a-459-15
				  of the Regulations of Connecticut State Agencies, it need not maintain an asset
				  valuation reserve with respect to these assets.
Connecticut Administrative Code › Title 38a - Insurance Department › 459 - Synthetic Guaranteed Investment Contracts › Separate Accounts Funding Guaranteed Minimum Benefits Under Group Contracts › Section 38a-459-19 - Reserve valuation

Current through July 10, 2024
(a) Reserves for
				contracts funded by a market value separate account supporting contracts other
				than index contracts shall be an amount equal to the following:
(1) The total reserve required to be
				maintained on the valuation date pursuant to section
				38a-459-14
				of the Regulations of Connecticut State Agencies;
(2) Plus the excess, if any, of the market
				value of separate account assets (to the extent that the market value of the
				assets determines the contract holder's benefits, i.e., to the extent the
				assets are beneficially "client" assets) over the amount determined in
				accordance with subsection (a)(1) of this section;
(3) Plus any additional amount determined by
				the valuation actuary as necessary to make adequate provision for all of the
				contract liabilities;
(4) Plus any
				additional amount determined as necessary by the insurance commissioner due to
				the nature of the benefits.
Connecticut Administrative Code › Title 38a - Insurance Department › 459 - Synthetic Guaranteed Investment Contracts › Separate Accounts Funding Guaranteed Minimum Benefits Under Group Contracts › Section 38a-459-20 - Severability

Current through July 10, 2024
If any provision of sections
				  38a-459-10
				  to 38a-459-20, inclusive, of the Regulations of Connecticut State Agencies or
				  its application to any person or circumstance is held to be invalid, the
				  remainder of the regulation and the application of such provision to other
				  persons or circumstances shall not be affected thereby.
Connecticut Administrative Code › Title 38a - Insurance Department › 465 - Viatical Settlements › Section 38a-465-2 - Annual statement reporting requirements

Current through July 10, 2024
Each provider shall file with the Commissioner on or before
				March 1 each year, an annual statement containing the following information
				regarding business transacted in this state for the previous calendar
				year:
(1) For each policy settled, the
			 date that the life settlement contract was entered into; the life expectancy of
			 the insured at the time of the contract; the face amount of the policy; the
			 amount paid by the provider to settle the policy and the percentage that amount
			 represents of the face amount; and if the insured has died, the date, the total
			 insurance premiums paid by the provider to maintain the policy in force and the
			 primary ICD diagnosis code, in numeric format, as defined by the International
			 Classification of Diseases, as published by the U.S. Department of Health and
			 Human Services;
(2) a breakdown of
			 applications received, accepted, and rejected, by disease category;
(3) a breakdown of purchased policies by
			 issuer, year of policy issuance and policy type;
(4) the number of secondary market versus
			 primary market transactions;
(5)
			 the total number of policies settled, the total policy premiums paid, the total
			 paid to all owners, and the total commissions paid to brokers;
(6) the source and amount of outside
			 borrowing or financing; and
(7) the
			 name and address of each broker through whom the reporting company purchased a
			 policy from an owner who resided in Connecticut at the time of
			 contract.