reglab/statecodes huggingface dataset:
Connecticut Administrative Code › Title 38a - Insurance Department › 357 - Reports to the National Insurance Crime Bureau › Section 38a-357-2 - Definitions

Current through July 10, 2024
As used in Section
				38a-357-1 to
				38a-357-8,
				inclusive of the Regulations of Connecticut State Agencies:
(a) "Central Index Reporting Bureau" or
			 "Central Organization" means the National Insurance Crime Bureau
			 (NICB).
(b) "Commissioner" means
			 the insurance commissioner of this State.
(c) "Component Part" means any major part of
			 a motor vehicle, other than a tire, having a manufacturer's identification
			 number or other unique identifier issued in accordance with the laws of this or
			 any other state, jurisdiction, or country.
(d) "Constructive Total Loss" means the cost
			 to repair and/or the cost to salvage damaged property equals or exceeds the
			 total value of the property at the time of loss.
(e) "Fraud" means a false representation of a
			 matter of fact, by words or by conduct, by false or misleading allegations, or
			 by concealment of that which should have been disclosed, which deceives and is
			 intended to deceive an insurer in order to induce it to part with property or
			 surrender some legal right.
(f)
			 "Fraudulent" means characterized, based on, or committed by fraud.
(g) "Fraudulent Act" means action or inaction
			 characterized, based on, or committed by fraud.
(h) "Insurer" means a corporation, company,
			 partnership, association, society, order, individual, or combination of
			 individuals engaged in the business of comprehensive or other
			 insurance.
(i) "Motor Vehicle"
			 means every device in, upon, or by which any person or property is or may be
			 transported or drawn upon a highway, including every vehicle which is
			 self-propelled, except devices propelled or drawn by human power and devices
			 used exclusively upon stationary rails or tracks.
Connecticut Administrative Code › Title 38a - Insurance Department › 357 - Reports to the National Insurance Crime Bureau › Section 38a-357-4 - Responsibilities of central organization

Current through July 10, 2024
The responsibilities of the NICB as the Central Organization
				are as follows:
(a) The NICB shall
			 establish and keep a central index file in a manner to be determined by it and
			 consistent with its established operation procedures for all total losses due
			 to theft or larceny, or total losses due to fire, of any motor vehicle, or
			 theft of any of its component parts reported by insurers. Such reports shall be
			 kept for a minimum of five years from the date of entry into the NICB system,
			 except in the case of fires and motor vehicle salvage, which will be kept a
			 minimum of two years from such entry.
(b) The NICB shall send acknowledgment of a
			 total theft loss report received from an insurer within 5 working
			 days.
(c) The NICB shall cooperate
			 with insurers in the resolution of errors and the investigation of claims
			 suspected to be fraudulent.
Connecticut Administrative Code › Title 38a - Insurance Department › 357 - Reports to the National Insurance Crime Bureau › Section 38a-357-5 - Responsibilities of insurers

Current through July 10, 2024
The responsibilities of insurers are as follows:
(a) Insurers shall report all total losses
			 due to theft or larceny, or constructive total losses due to fire, of any motor
			 vehicle, or theft of any of its component parts, to the NICB within 2 working
			 days from the receipt of sufficient information from the insured. If the
			 insurer has not received an acknowledgment or other communication from the NICB
			 within 10 working days following the submission of a total theft loss report to
			 the NICB, the insurer shall immediately communicate with the NICB to determine
			 the status of the report.
(b)
			 Insurers shall report to NICB all constructive total losses involving motor
			 vehicle salvage, regardless of the nature or cause of loss or the type of
			 coverage involved, including salvage retained by either an insured or a third
			 party claimant. Reports of salvage shall be submitted to NICB within 5 working
			 days of the sale of a salvaged motor vehicle, or within 5 working days after
			 the date of loss payment where an insured or claimant retains possession of a
			 salvaged motor vehicle.
(c) It
			 shall not be deemed to be an unfair claim settlement practice for an insurer to
			 temporarily defer the processing and payments of a claim filed under
			 comprehensive or other coverage in accordance with the following rules:
(1) If the NICB indicates in its response to
			 the insurer that coverage is in effect by more than one insurer for the same
			 motor vehicle, that the motor vehicle has been previously reported as stolen
			 and unrecovered, or that previous similar claims on the same motor vehicle have
			 been reported, the insurer shall promptly investigate and resolve such
			 discrepancy.
(2) If the NICB
			 discovers an erroneous motor vehicle identification number (VIN) and the NICB
			 is unable to clear up such discrepancy internally, it shall send a
			 questionnaire to the insurer. This questionnaire shall be returned to the NICB
			 within 5 working days of receipt by the insurer. If the NICB and the insurer
			 are unsuccessful in resolving the VIN error after a 30-day period from the date
			 of the receipt by the insurer of sufficient information from the insured, the
			 insurer shall proceed with the processing of the loss claim.
(3) If the NICB indicates in its response to
			 the insurer or the insurer finds that it has cause to believe that the claim
			 may have been based on the fraudulent act of any person, the insurer shall
			 promptly provide such information to the NICB and shall cooperate fully with
			 the NICB in the investigation of any such claim.
Connecticut Administrative Code › Title 38a - Insurance Department › 357 - Reports to the National Insurance Crime Bureau › Section 38a-357-6 - Costs of administration

Current through July 10, 2024
The NICB is hereby authorized to make assessments, in such
				manner as its Governing Board may determine, among insurers licensed in the
				State of Connecticut, to reimburse NICB for the costs of the performance of its
				duties under sections
				38a-357-1 to
				38a-357-8,
				inclusive of the Regulations of Connecticut State Agencies. Such assessments
				shall be prorated upon the basis of net fire and theft premiums, including
				those fire and theft premiums written under comprehensive policies, allocated
				to the State of Connecticut on the basis of ownership, use or maintenance of
				motor vehicles. Each insurer which is a member of the NICB shall be entitled to
				a credit against the assessments authorized in this section for all assessments
				directly related to Connecticut premiums paid by it to the NICB on account of
				its membership during the period covered by the assessment.
Connecticut Administrative Code › Title 38a - Insurance Department › 357 - Reports to the National Insurance Crime Bureau › Section 38a-357-7 - Reporting requirements

Current through July 10, 2024
All insurers required to submit reports to the NICB for the
				purpose of complying with sections
				38a-357-1 to
				38a-357-8
				of the Regulations of Connecticut State Agencies, inclusive, shall be bound by
				all of the reporting requirements of the NICB.
Connecticut Administrative Code › Title 38a - Insurance Department › 357 - Reports to the National Insurance Crime Bureau › Section 38a-357-8 - Cooperation with NICB

Current through July 10, 2024
(a) Insurers shall
			 cooperate with the NICB and shall release information in their possession to
			 the NICB upon it reasonable request.
(b) The NICB, in furnishing information to an
			 employee of the Department of Public Safety, Department of Motor Vehicles, a
			 local police department or other law enforcement agency, upon such employee's
			 request, shall do so on behalf of any insurer which reported any such
			 information to NICB.
Connecticut Administrative Code › Title 38a - Insurance Department › 372 - Connecticut Motor Vehicle Insurance › Section 38a-372-1 - Certification of security by the individual insurance companies

Current through July 10, 2024
A form shall be filed with the Insurance Commissioner for the
				certification of security by the individual insurance companies as required
				under Section
				38a-371
				of the Connecticut General Statutes. "Security" means: Bodily Injury Liability
				($20,000 per person, $40,000 per accident), Property Damage Liability ($10,000
				per accident), and Uninsured and Underinsured Motorist Coverage ($20,000 per
				person, $40,000 per accident).
The following is the approved form which shall be signed by an
				appropriate official of the company:
CERTIFICATION
The ____________________________ of
						  __________________________________
(Company)
(Address)
hereby certifies that any automobile liability policy
						  issued by said company with
respect to a private passenger motor vehicles as to
						  which the owner is required to
maintain security under Section
						  38a-371
						  of the Connecticut General Statutes, shall
be deemed to provide the security required by such
						  statute.
___________________________________
(Name)
(Title)
___________________________________
(Signature)
Connecticut Administrative Code › Title 38a - Insurance Department › 424a - Title Insurance Coverage: Real Property Subject to Indian Land Claims › Section 38a-424a-1 - Purpose

Current through July 10, 2024
Sections 38a-424a-1 to
				38a-424a-4,
				inclusive, are intended to provide guidelines to maximize the availability of
				title insurance coverage with respect to real property that is the subject of
				an Indian land claim consistent with the operation of title insurers on a safe
				and sound financial basis. Nothing in sections 38a-424a-1 to
				38a-424a-4,
				inclusive, is intended to prohibit title insurers from providing coverage on a
				basis more favorable to the insured.
Connecticut Administrative Code › Title 38a - Insurance Department › 424a - Title Insurance Coverage: Real Property Subject to Indian Land Claims › Section 38a-424a-2 - Definitions

Current through July 10, 2024
As used in Sections
				38a-424a-1 to
				38a-424a-4,
				inclusive:
(1) "Commissioner" means
			 the Insurance Commissioner of the State of Connecticut.
(2) "Exception" or "Indian land claim
			 exception" means the reference to or identification of an Indian land claim
			 lawsuit or notice of intent to sue appearing in Schedule B of the title
			 insurance policy.
(3) "Indian land
			 claim" means a claim for real property or monetary damages based on an alleged
			 illegal transfer, use or occupation of such real property and which claim is
			 based on a violation of any condition or restriction established by common law,
			 statute or other governmental enactment on alienation of lands owned by Native
			 American Indians or Native American Indian tribes.
(4) "Non-residential real property" means
			 vacant unimproved real property, real property with improvements other than a
			 one-to-four family residence, or a nonresidential unit in a common interest
			 community.
(5) "Notice of intent to
			 sue" means a written declaration provided to or filed with any municipal
			 government official giving notice that the party filing such notice intends to
			 pursue an Indian land claim and providing a general description of the real
			 property affected which declaration is actually known to the title insurer or
			 recorded in the land records of the municipality affected.
(6) "Residential real property" means real
			 property with improvements consisting only of a one-to-four family residence,
			 including a residential unit in a common interest community.
(7) "Title insurer" means a company organized
			 under laws of this State for the purpose of transacting, as insurer, the
			 business of title insurance and any foreign or alien title insurer engaged in
			 this State in the business of title insurance as insurer.
Connecticut Administrative Code › Title 38a - Insurance Department › 424a - Title Insurance Coverage: Real Property Subject to Indian Land Claims › Section 38a-424a-4 - Underwriting guidelines

Current through July 10, 2024
Title insurers shall, immediately upon the effective date of
				sections
				38a-424a-1 to 38a-424a-4,
				inclusive, file with the Commissioner all underwriting guidelines relating to
				title insurance coverage covering Indian land claims. No changes to such
				guidelines adopted after the effective date of sections
				38a-424a-1 to 38a-424a-4,
				inclusive, shall be effective until filed with the
				Commissioner.
Connecticut Administrative Code › Title 38a - Insurance Department › 430 - Approval of Form of Life Insurance and Annuity Policies and Contracts › Section 38a-430-1 - Definitions

Current through July 10, 2024
As used in Sections 38a-430-1 to
				38a-430-4,
				inclusive, of the Regulations of Connecticut State Agencies:
(a) "Commissioner" means the Insurance
			 Commissioner of the State of Connecticut.
(b) "Form" means a life insurance or annuity
			 policy or contract, or application, certificate, rider or endorsement used in
			 connection therewith.
(c) "Insurer"
			 means an insurance company licensed by the Commissioner to write life insurance
			 or annuities.
(d) "SERFF" means the
			 National Association of Insurance Commissioners System for Electronic Rate and
			 Form Filing.
Connecticut Administrative Code › Title 38a - Insurance Department › 430 - Approval of Form of Life Insurance and Annuity Policies and Contracts › Section 38a-430-2 - Filing procedure

Current through July 10, 2024
Any insurer required pursuant to Section
				38a-430
				of the Connecticut General Statutes to file a copy of a form with the
				Commissioner for approval, shall comply with the following standards:
(a)
Filing
.
(1) Filing shall be done electronically
			 through SERFF or any subsequent corresponding system adopted by the National
			 Association of Insurance Commissioners or the Commissioner. All fields in SERFF
			 shall be filled out appropriately and accurately for each filing.
(2) If one or more elements within a filing
			 vary by member company within a group of companies, the filer shall file
			 separately for each insurer within the group.
(3) The electronic filing shall contain a
			 descriptive caption. The caption shall include a brief description of the type
			 of filing, and any applicable form identification number. All subsequent
			 correspondence to the Insurance Department on the filing shall include the
			 caption in the identical format as it was displayed in the original electronic
			 filing and a reference to the previous filing's State tracking number, in
			 addition to the date of the original filing transmittal document and the
			 Department's file number, if known.
(4) All SERFF submissions shall include the
			 following information in the filing description:
(A) A list of the documents submitted
			 therewith;
(B) A brief outline of
			 proposed changes;
(C) The approval
			 sought;
(D) The proposed effective
			 date; and
(E) Whether the form
			 sought to be approved by the Commissioner is subject to the requirements of the
			 Insurance Plain Language Act, Chapter 699a of the Connecticut General
			 Statutes.
Connecticut Administrative Code › Title 38a - Insurance Department › 430 - Approval of Form of Life Insurance and Annuity Policies and Contracts › Section 38a-430-3 - Policy form approval

Current through July 10, 2024
(a) Each filing
			 shall be state specific. Only filings with state specific language will be
			 approved.
(b) Unless otherwise
			 provided by law, the Insurance Department shall review all forms filed with the
			 Insurance Commissioner for approval pursuant to Section
			 38a-430
			 of the Connecticut General Statutes in the order in which they are received by
			 the Department; provided, however, that in appropriate circumstances the
			 Commissioner may waive this requirement and direct the immediate review of a
			 form filing. The Department shall employ a chronological logging system to
			 facilitate the chronological review of such forms.
(c) Within ninety (90) days after a form is
			 accepted for review, the Insurance Department shall review the form and either
			 approve it or disapprove it. If, upon such review of the form, the Insurance
			 Department determines that additional information from the insurer is necessary
			 in order to ascertain whether the form is contrary to law or is unfair,
			 deceptive or may encourage misrepresentation of the policy, the Department
			 shall make such request to the insurer. The insurer will then have ten (10)
			 days from the date of the request to provide the Department with the additional
			 information; provided that during such time, the insurer may request in writing
			 that the period for responding to the request for information be extended for
			 an additional period of time, not to exceed thirty (30) days. The request for
			 extension shall be considered granted upon its receipt by the Insurance
			 Department. During the pendency of the Insurance Department's request for
			 information, the ninety (90) day period for Department action shall be tolled.
			 If the insurer fails to comply with such request within the allotted time, the
			 insurer shall be deemed to have voluntarily withdrawn its filing and the
			 Department shall close its file without further action.
(d) The Commissioner shall issue a decision
			 disapproving the use of any such form if it does not comply with the
			 requirements of law, or if it contains a provision or provisions which are
			 unfair or deceptive or which encourage misrepresentation of the policy. Any
			 such decision shall specify the reason for disapproval of the form.
(e) Forms that are approved by the
			 Commissioner shall have the form labeled "Approved," together with the name and
			 signature of the staff member who acted upon the filing and the date of the
			 approval.
Connecticut Administrative Code › Title 38a - Insurance Department › 430 - Approval of Form of Life Insurance and Annuity Policies and Contracts › Section 38a-430-3a - Electronic filing

Current through July 10, 2024
Filings shall be considered received by the Commissioner when
				received at the Insurance Department. Filings received on a weekend or legal
				holiday shall be deemed received on the next business day. An electronic
				communication from the Insurance Department concerning a filing shall be deemed
				received by the person to whom the communication is addressed when the
				communication is sent to that person.
Connecticut Administrative Code › Title 38a - Insurance Department › 430 - Approval of Form of Life Insurance and Annuity Policies and Contracts › Section 38a-430-4 - Severability

Current through July 10, 2024
If any provision of this regulation or 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 › 432a - Suitability in Annuity Transactions › Section 38a-432a-1 - Purpose

Current through July 10, 2024
(a) The purpose of sections 38a-432a-1 to
			 38a-432a-8,
			 inclusive, of the Regulations of Connecticut State Agencies is to require
			 producers to act in the best interest of the consumer when making a
			 recommendation of an annuity and to require insurers to establish and maintain
			 a system to supervise recommendations so that the insurance needs and financial
			 objectives of consumers known at the time of the transaction are effectively
			 addressed.
(b) Nothing herein shall
			 be construed to create or imply a private cause of action for a violation of
			 sections 38a-432a-1 to
			 38a-432a-8,
			 inclusive, of the Regulations of Connecticut State Agencies, or to subject a
			 producer to civil liability under the best interest standard of care set forth
			 in section
			 38a-432a-5
			 of the Regulations of Connecticut State Agencies or under standards governing
			 the conduct of a fiduciary or a fiduciary relationship.
Connecticut Administrative Code › Title 38a - Insurance Department › 432a - Suitability in Annuity Transactions › Section 38a-432a-2 - Scope

Current through July 10, 2024
Sections
				38a-432a-1 to
				38a-432a-8,
				inclusive, of the Regulations of Connecticut State Agencies shall apply to any
				sale or recommendation of an annuity .
Connecticut Administrative Code › Title 38a - Insurance Department › 432a - Suitability in Annuity Transactions › Section 38a-432a-3 - Exemptions

Current through July 10, 2024
Unless otherwise specifically included, sections
				38a-432a-1 to
				38a-432a-8,
				inclusive, of the Regulations of Connecticut State Agencies shall not apply to
				transactions involving:
(1) Direct
			 response solicitations where there is no recommendation based on information
			 collected from the consumer pursuant to sections
			 38a-432a-1 to
			 38a-432a-8,
			 inclusive, of the Regulations of Connecticut State Agencies;
(2) Contracts used to fund:
(A) An employee pension or welfare benefit
			 plan that is covered by the federal Employee Retirement and Income Security Act
			 (ERISA), Public Law 93-406;
(B) A
			 plan described by the following sections of the federal Internal Revenue Code:
			 26 USC
			 401(a),
			 26
			 USC 401(k),
			 26 USC
			 403(b),
			 26
			 USC 408(k), or
			 26 USC
			 408(p), if established or
			 maintained by an employer;
(C) A
			 governmental or church plan defined in
			 26 USC
			 414, a government or church welfare benefit
			 plan, or a deferred compensation plan of a state or local government or tax
			 exempt organization under
			 26
			 USC 457; or
(D) A nonqualified deferred compensation
			 arrangement established or maintained by an employer or plan sponsor;
Connecticut Administrative Code › Title 38a - Insurance Department › 432a - Suitability in Annuity Transactions › Section 38a-432a-4 - Definitions

Current through July 10, 2024
As used in sections
				38a-432a-1 to
				38a-432a-8,
				inclusive, of the Regulations of Connecticut State Agencies:
(1) "Agency" means a person that employs one
			 (1) or more producers;
(2)
			 "Annuity" means "annuities" as defined in section 38a-1 of the Connecticut
			 General Statutes, that is or are individually solicited, whether the product is
			 classified as an individual or group annuity;
(3) "Cash compensation" means any discount,
			 concession, fee, service fee, commission, sales charge, loan, override, or cash
			 benefit received by a producer in connection with the recommendation or sale of
			 an annuity from an insurer, intermediary, or directly from the
			 consumer;
(4) "Consumer profile
			 information" means information that is reasonably appropriate to determine
			 whether a recommendation addresses the consumer's financial situation,
			 insurance needs and financial objectives, including, at a minimum, the
			 following:
(A) Age;
(B) Annual income;
(C) Financial situation and needs, including
			 debts and other obligations;
(D)
			 Financial experience;
(E) Insurance
			 needs;
(F) Financial
			 objectives;
(G) Intended use of the
			 annuity;
(H)  Financial time
			 horizon;
(I) Existing assets or
			 financial products, including investment, annuity and insurance
			 holdings;
(J) Liquidity
			 needs;
(K) Liquid net
			 worth;
(L) Risk tolerance,
			 including, but not limited to, willingness to accept non-guaranteed elements in
			 the annuity;
(M) Financial
			 resources used to fund the annuity; and
(N) Tax status;
Connecticut Administrative Code › Title 38a - Insurance Department › 432a - Suitability in Annuity Transactions › Section 38a-432a-5 - Duties of insurers, agencies and producers

Current through July 10, 2024
(a) Best
			 Interest Obligations. A producer, when recommending an annuity, shall act in
			 the best interest of the consumer under the circumstances known at the time the
			 recommendation is made, without placing the producer's or the insurer's
			 financial interest ahead of the consumer's interest. A producer has acted in
			 the best interest of the consumer if the producer has satisfied the
			 requirements established in this subsection regarding care, disclosure,
			 conflict of interest and documentation.
(1)
			 Care Obligation.
(A)The producer, in making a
			 recommendation, shall exercise reasonable diligence, care and skill to:
(i) Know the consumer's financial situation,
			 insurance needs and financial objectives;
(ii) Understand the available recommendation
			 options after making a reasonable inquiry into options available to the
			 producer;
(iii) Have a reasonable
			 basis to believe the recommended option effectively addresses the consumer's
			 financial situation, insurance needs and financial objectives over the life of
			 the product, as evaluated in light of the consumer profile information; and
(iv) Communicate the basis or
			 bases of the recommendation.
Connecticut Administrative Code › Title 38a - Insurance Department › 432a - Suitability in Annuity Transactions › Section 38a-432a-6 - Compliance mitigation, penalties, enforcement

Current through July 10, 2024
(a) An
			 insurer is responsible for compliance with sections
			 38a-432a-1 to
			 38a-432a-8,
			 inclusive, of the Regulations of Connecticut State Agencies. If a violation
			 occurs, either because of the action or inaction of the insurer or its
			 producer, the commissioner may order:
(1) An
			 insurer to take reasonably appropriate corrective action for any consumer
			 harmed by a failure to comply with sections
			 38a-432a-1 to
			 38a-432a-8,
			 inclusive, of the Regulations of Connecticut State Agencies by the insurer, an
			 entity contracted to perform the insurer's supervisory duties or by the
			 producer;
(2) A general agency,
			 independent agency or a producer to take reasonably appropriate corrective
			 action for any consumer harmed by the producer's violation of sections
			 38a-432a-1 to
			 38a-432a-8,
			 inclusive, of the Regulations of Connecticut State Agencies; and
(3) Appropriate penalties and
			 sanctions.
Connecticut Administrative Code › Title 38a - Insurance Department › 432a - Suitability in Annuity Transactions › Section 38a-432a-7 - Record keeping

Current through July 10, 2024
(a) Insurers,
			 agencies and producers shall maintain or be able to make available to the
			 commissioner records of the information collected from the consumer,
			 disclosures made to the consumer including summaries of oral disclosures, and
			 other information used in making the recommendations that were the basis for
			 insurance transactions for seven (7) years after the insurance transaction is
			 completed by the insurer. An insurer is permitted, but shall not be required,
			 to maintain documentation on behalf of a producer.
(b) Records required to be maintained by
			 sections
			 38a-432a-1 to
			 38a-432a-8,
			 inclusive, of the Regulations of Connecticut State Agencies may be maintained
			 in paper, photographic, microprocess, magnetic, mechanical or electronic media
			 or by any process that accurately reproduces the actual document.
Connecticut Administrative Code › Title 38a - Insurance Department › 432a - Suitability in Annuity Transactions › Section 38a-432a-8 - Producer training

Current through July 10, 2024
(a) A producer
			 shall not solicit the sale of an annuity product unless the producer has
			 adequate knowledge of the product to recommend the annuity and the producer is
			 in compliance with the insurer's standards for product training. A producer may
			 rely on insurer-provided product-specific training standards and materials to
			 comply with this subsection.
(b)
(1)
(A) A
			 producer who engages in the sale of annuity products shall complete a one-time
			 four (4) CE credit training course approved by the commissioner and provided by
			 the continuing education provider.
(B) Producers who hold a life insurance line
			 of authority on the effective date of this regulation and who desire to sell
			 annuities shall complete the requirements of this subsection within six (6)
			 months after the effective date of this regulation. Individuals who obtain a
			 life insurance line of authority on or after the effective date of this
			 regulation may not engage in the sale of annuities until the annuity training
			 course required under this subsection has been completed.
Connecticut Administrative Code › Title 38a - Insurance Department › 432b - Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities › Section 38a-432b-1 - Definitions and scope

Current through July 10, 2024
(a) For purposes of
			 this regulation, "insurance producer" means a person required to be licensed
			 under the laws of this state to sell, solicit or negotiate insurance, including
			 annuities.
(b) This regulation
			 shall apply to any solicitation, sale or purchase of, or advice made in
			 connection with, a life insurance or annuity product by an insurance
			 producer.
Connecticut Administrative Code › Title 38a - Insurance Department › 432b - Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities › Section 38a-432b-2 - Prohibited uses of senior-specific certifications and professional designations

Current through July 10, 2024
(a) It is a
			 prohibited practice in the business of insurance, and constitutes cause for the
			 suspension or revocation of insurance licenses or for the imposition of fines
			 pursuant to section
			 38a-774
			 of the Connecticut General Statutes, for an insurance producer to use a
			 senior-specific certification or professional designation in such a way as to
			 mislead a purchaser or prospective purchaser that the insurance producer has
			 special certification or training in advising or servicing seniors (1) in
			 connection with the solicitation, sale or purchase of a life insurance or
			 annuity product, (2) in the provision of advice as to the value of or the
			 advisability of purchasing or selling a life insurance or annuity product,
			 either directly or indirectly through publications or writings, (3) in the
			 issuance or promulgation of analyses or reports related to a life insurance or
			 annuity product.
(b) The following
			 uses of senior-specific certifications or professional designations shall be
			 prohibited:
(1) Use of a certification or
			 professional designation by an insurance producer who has not actually earned
			 or is otherwise ineligible to use such certification or designation;
(2) Use of a nonexistent or self-conferred
			 certification or professional designation;
(3) Use of a certification or professional
			 designation that indicates or implies a level of occupational qualifications
			 obtained through education, training or experience that the insurance producer
			 using the certification or designation does not have; and
(4) Use of a certification or professional
			 designation that was obtained from a certifying or designating organization
			 that:
(i) Is primarily engaged in the
			 business of instruction in sales or marketing;
(ii) does not have reasonable standards or
			 procedures for assuring the competency of its certificants or
			 designees;
(iii) does not have
			 reasonable standards or procedures for monitoring and disciplining its
			 certificants or designees for improper or unethical conduct; or
(iv) does not have reasonable continuing
			 education requirements for its certificants or designees in order to maintain
			 the certificate or designation.
Connecticut Administrative Code › Title 38a - Insurance Department › 432b - Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities › Section 38a-432b-3 - Qualified certifying or designating organizations

Current through July 10, 2024
An insurance producer may use a certification or professional
				designation issued by a certifying or designating organization where (1) such
				certification or designation does not primarily apply to sales or marketing,
				and (2) the certifying or designating organization has been accredited by (i)
				The American National Standards Institute (ANSI), (ii) the National Commission
				for Certifying Agencies, or (iii) any organization that is on the U.S.
				Department of Education's list entitled "Accrediting Agencies Recognized for
				Title IV Purposes."
Connecticut Administrative Code › Title 38a - Insurance Department › 432b - Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities › Section 38a-432b-4 - Determining factors

Current through July 10, 2024
(a) In determining
			 whether a combination of words or an acronym standing for a combination of
			 words constitutes a certification or professional designation indicating or
			 implying that a person has special certification or training in advising or
			 servicing seniors, factors to be considered shall include:
(1) Use of one or more words such as
			 "senior," "retirement," "elder," or like words combined with one or more words
			 such as "certified," "registered," "chartered," "advisor," "specialist,"
			 "consultant," "planner," or like words, in the name of the certification or
			 professional designation; and
(2)
			 the manner in which those words are combined.
Connecticut Administrative Code › Title 38a - Insurance Department › 433 - Variable Life Insurance › Section 38a-433-1 - Authority

Current through July 10, 2024
Sections
				38a-433-2 to
				38a-433-11,
				inclusive, applicable to variable life insurance policies, Sections
				38a-433-12
				to
				38a-433-22,
				inclusive, applicable to Modified Guaranteed Annuities and Sections
				38a-433-23 to
				38a-433-32,
				inclusive, applicable to modified guaranteed life insurance, are promulgated
				under the authority of Section
				38a-433(e)
				of the Connecticut General Statutes.
Connecticut Administrative Code › Title 38a - Insurance Department › 433 - Variable Life Insurance › Section 38a-433-3 - Qualification of insurer to issue variable life insurance

Current through July 10, 2024
The following requirements are applicable to all insurers
				either seeking authority to issue variable life insurance in this state or
				having authority to issue variable life insurance in this state.
(a)
Licensing and approval to do
			 business in this state:
An insurer shall not deliver or issue for
			 delivery in this state any variable life insurance policy unless:
(1) the insurer is licensed or organized to
			 do a life insurance business in this state;
(2) the insurer has obtained a license from
			 the Commissioner for the issuance of variable life insurance policies in this
			 state. The Commissioner shall grant such license only after he has found that:
(A) the plan of operation for the issuance of
			 variable life insurance policies is not unsound;
(B) the general character, reputation, and
			 experience of the management and those persons or firms proposed to supply
			 consulting, investment, administrative, or custodial services to the insurer
			 are such as to reasonably assure competent operation of the variable life
			 insurance business of the insurer in this state; and
(C) the present and foreseeable future
			 financial condition of the insurer and its method of operation in connection
			 with the issuance of such policies is not likely to render its operation
			 hazardous to the public or its policyholders in this state. The Commissioner
			 shall consider, among other things:
(i) the
			 history of operation and financial condition of the insurer;
(ii) the qualifications, fitness, character,
			 responsibility, reputation and experience of the officers and directors and
			 other management of the insurer and those persons or firms proposed to supply
			 consulting, investment, administrative, or custodial services to the
			 insurer;
(iii) the applicable law
			 and regulations under which the insurer is authorized in its state of domicile
			 to issue variable life insurance policies. The state of entry of an alien
			 insurer shall be deemed its state of domicile for this purpose; and
(iv) if the insurer is a subsidiary of, or is
			 affiliated by common management or ownership with another company, its
			 relationship to such other company and the degree to which the requesting
			 insurer, as well as the other company, meet these standards.
Connecticut Administrative Code › Title 38a - Insurance Department › 433 - Variable Life Insurance › Section 38a-433-4 - Insurance policy requirements

Current through July 10, 2024
Policy Qualification: The Commissioner shall not approve any
				variable life insurance form filed pursuant to this regulation unless it
				conforms to the requirements of this Section.
(a)
Filing of variable life insurance
			 policies:
All variable life insurance policies, and all riders,
			 endorsements, applications and other documents which are to be attached to and
			 made a part of the policy and which relate to the variable nature of the
			 policy, shall be filed with the Commissioner and approved by him prior to
			 delivery or issuance for delivery in this state.
(1) The procedures and requirements of such
			 filing and approval shall be, to the extent appropriate and not inconsistent
			 with this regulation, the same as those otherwise applicable to other life
			 insurance policies.
(2) The
			 Commissioner may approve variable life insurance policies and related forms
			 with provisions the Commissioner deems to be not less favorable to the
			 policyholder and the beneficiary than those required by this
			 regulation.
Connecticut Administrative Code › Title 38a - Insurance Department › 433 - Variable Life Insurance › Section 38a-433-6 - Separate accounts

Current through July 10, 2024
The following requirements apply to the establishment and
				administration of variable life insurance separate accounts by any domestic
				insurer:
(a)
Establishment and
			 administration of separate accounts:
Any domestic insurer issuing
			 variable life insurance shall establish one or more separate accounts pursuant
			 to Section
			 38a-433
			 of the Connecticut General Statutes.
(1) If
			 no law or other regulation provides for the custody of separate account assets
			 and if such insurer is not the custodian of such separate account assets, all
			 contracts for custody of such assets shall be in writing and the Commissioner
			 shall have authority to review and approve of both the terms of any such
			 contract and the proposed custodian prior to the transfer of custody.
(2) Such insurer shall not without the prior
			 written approval of the Commissioner employ in any material connection with the
			 handling of separate account assets any person who:
(A) Within the last ten years has been
			 convicted of any felony or a misdemeanor arising out of such person's conduct
			 involving embezzlement, fraudulent conversion, or misappropriation of funds or
			 securities or involving violation of Sections 1341, 1342, 1343 of Title 18,
			 United States Code; or
(B) Within
			 the last ten years has been found by any state regulatory authorities to have
			 violated or has acknowledged violation of any provision of federal or state
			 securities laws involving fraud, deceit, or knowing
			 misrepresentation.
(3)
			 All persons with access to the cash, securities, or other assets of the
			 separate account shall be under bond.
(4) The assets of such separate accounts
			 shall be valued at least as often as variable benefits are determined but in
			 any event at least monthly.
Connecticut Administrative Code › Title 38a - Insurance Department › 433 - Variable Life Insurance › Section 38a-433-7 - Information furnished to applicants

Current through July 10, 2024
An insurer delivering or issuing for delivery in this state any
				variable life insurance policies shall deliver to the applicant for the policy,
				and obtain a written acknowledgement of receipt from such applicant coincident
				with or prior to the execution of the application, the following information.
				The requirements of this Section shall be deemed to have been satisfied by the
				delivery to the applicant of a prospectus included in a registration statement
				which satisfies the requirements of the Securities Act of 1933 and which was
				declared effective by the Securities and Exchange Commission to the extent that
				the prospectus contains the information required by this Section.
(a) A summary explanation, in non-technical
			 terms, of the principal features of the policy, including a description of the
			 manner in which the variable benefits will reflect the investment experience of
			 the separate account and the factors which affect such variation. Such
			 explanation must include notices of the provision required by Sections
			 38a-433-4(c)
			 (1) (E) and 38a-433 (c) (8);
(b) a
			 statement of the investment policy of the separate account, including:
(1) a description of the investment objective
			 intended for the separate account and the principal types of investments
			 intended to be made; and
(2) any
			 restriction or limitations on the manner in which the operations of the
			 separate account are intended to be conducted.
Connecticut Administrative Code › Title 38a - Insurance Department › 433 - Variable Life Insurance › Section 38a-433-8 - Applications

Current through July 10, 2024
The application for a variable life insurance policy shall
				contain:
(1) a prominent statement
			 that the death benefit may be variable or fixed under specified
			 conditions;
(2) a prominent
			 statement that cash values may increase or decrease in accordance with the
			 experience of the separate account (subject to any specified minimum
			 guarantees);
(3) questions designed
			 to elicit information which enables the insurer to determine the suitability of
			 variable life.
Connecticut Administrative Code › Title 38a - Insurance Department › 433 - Variable Life Insurance › Section 38a-433-9 - Reports to policyholders

Current through July 10, 2024
Any insurer delivering or issuing for delivery in this state
				any variable life insurance policies shall mail to each variable life insurance
				policyholder at his or her last known address the following reports:
(a) Within thirty days after each anniversary
			 of the policy, a statement or statements of the cash surrender value, death
			 benefit, any partial withdrawal or policy loan, any interest charge, and any
			 optional payments allowed pursuant to Subsection (d) of Sec.
			 38a-433-4
			 under the policy computed as of the policy anniversary date. Provided, however,
			 that such statement may be furnished within thirty days after a specified date
			 in each policy year so long as the information contained therein is computed as
			 of a date not more than sixty days prior to the mailing of such notice. This
			 statement shall state that, in accordance with the investment experience of the
			 separate account, the cash values and the variable death benefit may increase
			 or decrease, and shall prominently identify any value described therein which
			 may be recomputed prior to the next statement required by this Section. If the
			 policy guarantees that the variable death benefit on the next policy
			 anniversary date will not be less than the variable death benefit specified in
			 such statement, the statement shall be modified to so indicate. For flexible
			 premium policies, the report must contain a reconciliation of the change since
			 the previous report in cash value and cash surrender value, if different,
			 because of payments made (less deductions for expense charges), withdrawals,
			 investment experience, insurance charges and any other charges made against the
			 cash value. In addition, the report must show the projected cash value and cash
			 surrender value, if different, as of one year from the end of the period
			 covered by the report assuming that:
(i)
			 planned periodic premiums, if any, are paid as scheduled;
(ii) guaranteed costs of insurance are
			 deducted; and
(iii) the net
			 investment return is equal to the guaranteed rate or, in the absence of a
			 guaranteed rate, is not greater than zero. If the projected value is less than
			 zero, a warning message must be included that states that the policy may be in
			 danger of terminating without value in the next 12 months unless additional
			 premium is paid.
Connecticut Administrative Code › Title 38a - Insurance Department › 433 - Variable Life Insurance › Section 38a-433-10 - Qualification of agents for the sale of variable life insurance

Current through July 10, 2024
(a)
Qualification to sell variable life
			 insurance.
(1) No person may sell or
			 offer for sale in this state any variable life insurance policy unless such
			 person is an agent and has filed with the Commissioner, in a form satisfactory
			 to the Commissioner, evidence that such person holds any license or
			 authorization which may be required for the solicitation or sale of variable
			 life insurance.
(2) Any examination
			 administered by the Department for the purpose of determining the eligibility
			 of any person for licensing as an agent shall, after the effective date of this
			 regulation, include such questions concerning the history, purpose, regulation,
			 and the sale of variable life insurance as the Commissioner deems
			 appropriate.
Connecticut Administrative Code › Title 38a - Insurance Department › 433 - Variable Life Insurance › Modified Guaranteed Annuities › Section 38a-433-12 - Applicability and scope

Current through July 10, 2024
This regulation shall apply to:
(1) The qualifications of agents to be
				authorized to sell Modified Guaranteed Annuity contracts in this
				state;
(2) the qualification of
				insurers to be authorized to issue such contracts;
(3) the required contract form and provisions
				for issue of such coverage in this state; and
(4) the manner in which separate account
				assets, supporting such issued contracts, are to be maintained and
				reported.
Connecticut Administrative Code › Title 38a - Insurance Department › 433 - Variable Life Insurance › Modified Guaranteed Annuities › Section 38a-433-13 - Definitions

Current through July 10, 2024
As used in Sections
				  38a-433-12
				  a to 38a-433-21, inclusive:
(a)
				"Modified Guaranteed Annuity" means a deferred annuity contract, the underlying
				assets of which are held in a separate account, and the values of which are
				guaranteed if held for specified periods. It contains nonforfeiture values that
				are based upon a market-value adjustment formula if held for shorter periods.
				This formula may, or may not, reflect the value of assets held in the separate
				account. The assets underlying the contract must be in a separate account
				during the period or periods, when the contract holder can surrender the
				contract.
(b) "Interest credits"
				means all interest that is credited to the contract.
(c) "Separate account" means a separate
				account established pursuant to Section
				38a-433
				of the Connecticut General Statutes or pursuant to the corresponding Section of
				the Insurance Laws of the state of domicile of a foreign or alien
				insurer.
(d) "Commissioner" means
				the Insurance Commissioner of this state.
(e) "Consumer Price Index" means the index
				for all urban consumers for all items as published by the Bureau of Labor
				Statistics of the United States Department of Labor or any successor
				agency.