Connecticut General Statutes
Chapter 697 - General Provisions
Section 38a-14a. - Examination of the financial condition of insurance companies.

(a) With regard to any insurance company registered under section 38a-135, subject to the limitation contained in this section and in addition to the powers that the Insurance Commissioner has under sections 38a-14 and 38a-15 relating to the examination of insurance companies, the commissioner shall have the power to:

(1) Examine such company or its affiliates to ascertain the financial condition of the company, including the enterprise risk of such company by (A) the company's ultimate controlling person, (B) any member or combination of members within its insurance holding company system, or (C) its insurance holding company system on a consolidated basis; and
(2) (A) Order such company to produce such records, books or other information in the possession of the insurance company or its affiliates as are reasonably necessary to determine compliance with sections 38a-129 to 38a-140, inclusive. In the event such insurance company fails to comply with such order, the commissioner shall have the power to examine any such affiliate to obtain such information.
(B) The commissioner may order the registered insurance company to produce records, books or other information not in its possession if the company can obtain access to such records, books or other information pursuant to a contractual agreement, a statutory obligation or other method. If the insurance company cannot obtain access to such records, books or other information, the company shall provide to the commissioner a detailed explanation of the reason the company cannot obtain the requested records, books or other information, and the identity of the holder of such records, books or other information. If the commissioner deems the explanation to be without merit, the delay in producing the requested records, books or other information under this subparagraph shall be grounds for administrative action in accordance with subsection (c) of section 38a-41.
(b) The commissioner may engage the services of attorneys, actuaries, accountants and other experts not otherwise a part of the commissioner's staff, at the registered insurance company's expense, as shall be reasonably necessary to assist in the conduct of the examination under subsection (a) of this section. All persons so engaged shall be under the direction and control of the commissioner and shall act in a purely advisory capacity.
(c) Each registered insurance company producing for examination records, books and papers pursuant to subsection (a) of this section shall be liable for and shall pay the expense of such examination in accordance with sections 38a-14 and 38a-15.
(P.A. 92-112, S. 21, 35; P.A. 12-103, S. 11.)
History: P.A. 12-103 amended Subsec. (a) to redesignate requirement for insurance company to produce records, books or other information pursuant to an examination as Subdiv. (2)(A), add Subdiv. (1) authorizing commissioner to examine company or affiliates re financial condition, delete “ascertain the financial condition of such insurance company or to” in redesignated Subdiv. (2)(A), add Subdiv. (2)(B) authorizing commissioner to order production of records, books or other information not in company's possession and make technical changes.

Structure Connecticut General Statutes

Connecticut General Statutes

Title 38a - Insurance

Chapter 697 - General Provisions

Section 38a-1. (Formerly Sec. 38-1). - Definitions.

Section 38a-2. (Formerly Sec. 38-2). - General penalty.

Section 38a-7. (Formerly Sec. 38-3). - Appointment of commissioner.

Section 38a-8. (Formerly Sec. 38-4). - Duties of commissioner. Regulations. Sharing and maintenance of confidential information. Use of outside professionals. Program re electronic rate and form filings.

Section 38a-8a. - Regulations on security and privacy standards.

Section 38a-8b. - Stop loss policies. Sale in this state. Regulations.

Section 38a-9. (Formerly Sec. 38-4b). - Divisions of Consumer Affairs and Rate Review. Duties. Annual reports by commissioner. Arbitration procedure.

Section 38a-10. (Formerly Sec. 38-4c). - Regulations on arbitration procedure.

Section 38a-10a. - Mediation program. Regulations.

Section 38a-11. (Formerly Sec. 38-50). - Fees to be paid commissioner.

Section 38a-12. (Formerly Sec. 38-5). - Annual report to Governor.

Section 38a-13. (Formerly Sec. 38-13). - Annual report to state names of companies.

Section 38a-14. (Formerly Sec. 38-7). - Examination of affairs of insurance companies, health care centers and corporations or associations collecting underwriting data. Costs. Transmission and provision of report.

Section 38a-14a. - Examination of the financial condition of insurance companies.

Section 38a-15. - Market conduct examinations. Costs.

Section 38a-16. (Formerly Sec. 38-7a). - Investigations and hearings by Insurance Commissioner. Subpoenas. Injunctive relief.

Section 38a-17. (Formerly Sec. 38-8). - Authority of commissioner when business is being conducted improperly.

Section 38a-18. (Formerly Sec. 38-9). - Application by commissioner to act as receiver.

Section 38a-19. (Formerly Sec. 38-349). - Hearings on orders of commissioner. Appeals.

Section 38a-20. (Formerly Sec. 38-17). - Emergency regulations.

Section 38a-21. - Review and evaluation of mandated health benefits. Costs and assessments. Commissioner to contract with The University of Connecticut Center for Public Health and Health Policy. Report.

Section 38a-22. - Electronic filing and submission.

Section 38a-23. - Biannual report by commissioner re climate-related risks and climate change.

Section 38a-25. (Formerly Sec. 38-23). - Insurance Commissioner as agent for service of process.

Section 38a-26. - Procedure for service of process.

Section 38a-27. (Formerly Sec. 38-267). - Procedure where substituted service made against unauthorized insurer.

Section 38a-32 to 38a-36. (Formerly Secs. 38-19b to 38-19f). - Malpractice Screening Panel established. Selection of panel to screen malpractice claim. Hearing by panel; transcripts. Confidentiality of proceedings, records, findings and deliberations...

Section 38a-37. - Interstate Insurance Product Regulation Compact.

Section 38a-38. - Insurance Data Security Law. Regulations.