Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to insurance and annuities authorizes the agent to:
(1) Continue, pay the premium or make a contribution on, modify, exchange, rescind, release or terminate a contract procured by or on behalf of the principal which insures or provides an annuity to either the principal or another person, whether or not the principal is a beneficiary under the contract;
(2) Procure new, different and additional contracts of insurance and annuities for the principal and the principal's spouse, children and other dependents, and select the amount, type of insurance or annuity and mode of payment;
(3) Pay the premium or make a contribution on, modify, exchange, rescind, release or terminate a contract of insurance or annuity procured by the agent;
(4) Apply for and receive a loan secured by a contract of insurance or annuity;
(5) Surrender and receive the cash surrender value on a contract of insurance or annuity;
(6) Exercise an election;
(7) Exercise investment powers available under a contract of insurance or annuity;
(8) Change the manner of paying premiums on a contract of insurance or annuity;
(9) Change or convert the type of insurance or annuity with respect to which the principal has or claims to have authority described in this section;
(10) Apply for and procure a benefit or assistance under a federal or state statute or regulation to guarantee or pay premiums of a contract of insurance on the life of the principal;
(11) Collect, sell, assign, hypothecate, borrow against or pledge the interest of the principal in a contract of insurance or annuity;
(12) Select the form and timing of the payment of proceeds from a contract of insurance or annuity; and
(13) Pay, from proceeds or otherwise, compromise or contest and apply for refunds in connection with, a tax or assessment levied by a taxing authority with respect to a contract of insurance or annuity or its proceeds or liability accruing by reason of the tax or assessment.
(P.A. 15-240, S. 33; P.A. 16-40, S. 9.)
History: P.A. 15-240 effective July 1, 2016; P.A. 16-40 changed effective date of P.A. 15-240, S. 33, from July 1, 2016, to October 1, 2016, effective May 27, 2016.
Structure Connecticut General Statutes
Title 1 - Provisions of General Application
Section 1-350. - Short title: Connecticut Uniform Power of Attorney Act.
Section 1-350a. - Definitions.
Section 1-350b. - Applicability.
Section 1-350c. - Power of attorney is durable.
Section 1-350d. - Execution of power of attorney.
Section 1-350e. - Validity of power of attorney.
Section 1-350f. - Meaning and effect of power of attorney.
Section 1-350g. - Nomination of conservator in power of attorney.
Section 1-350h. - When power of attorney effective.
Section 1-350i. - Termination of power of attorney or agent's authority.
Section 1-350j. - Coagents and successor agents.
Section 1-350k. - Reimbursement and compensation of agent.
Section 1-350l. - Agent's acceptance.
Section 1-350m. - Agent's duties.
Section 1-350n. - Exoneration of agent.
Section 1-350o. - Judicial relief.
Section 1-350p. - Agent's liability.
Section 1-350q. - Agent's resignation. Notice.
Section 1-350r. - Acceptance of and reliance upon acknowledged power of attorney.
Section 1-350s. - Liability for refusal to accept acknowledged power of attorney.
Section 1-350t. - Principles of law and equity.
Section 1-350u. - Laws applicable to financial institutions or other entities.
Section 1-350v. - Remedies under other law.
Section 1-351. - Authority that requires specific grant. Grant of general authority.
Section 1-351a. - Incorporation of authority.
Section 1-351b. - Construction of authority, generally.
Section 1-351c. - General authority with respect to real property.
Section 1-351d. - General authority with respect to tangible personal property.
Section 1-351e. - General authority with respect to stocks and bonds.
Section 1-351f. - General authority with respect to commodities and options.
Section 1-351g. - General authority with respect to banks and other financial institutions.
Section 1-351h. - General authority with respect to operation of entity or business.
Section 1-351i. - General authority with respect to insurance and annuities.
Section 1-351j. - General authority with respect to estates, trusts and other beneficial interests.
Section 1-351k. - General authority with respect to claims and litigation.
Section 1-351l. - General authority with respect to personal and family maintenance.
Section 1-351n. - General authority with respect to retirement plans.
Section 1-351o. - General authority with respect to taxes.
Section 1-351p. - General authority with respect to gifts.
Section 1-352. - Power of attorney short form, long form and optional information form.
Section 1-352a. - Agent's certification.
Section 1-353. - Uniformity of application and construction.
Section 1-353a. - Relation to Electronic Signatures in Global and National Commerce Act.
Section 1-353b. - Effect on existing powers of attorney.
Section 1-362. - Validity of substitute decision-making document.
Section 1-363. - Meaning and effect of substitute decision-making document.
Section 1-364. - Reliance on substitute decision-making document.
Section 1-365. - Obligation to accept substitute decision-making document.
Section 1-366. - Remedies under other law.
Section 1-367. - Uniformity of application and construction.