(a) When a division becomes effective pursuant to subsection (d) of section 38a-156v: (1) If the dividing insurer has survived the division: (A) It continues to exist; (B) its public organic document, if any, shall be amended as provided in the certificate of division; and (C) its private organic rules, if any, shall be amended as provided in the plan of division; (2) if the dividing insurer has not survived the division, its separate existence ceases to exist; (3) each new insurer: (A) Comes into existence; (B) shall hold any capital, surplus and other property allocated to it as a successor to the dividing insurer, and not by transfer, whether directly or indirectly; (C) its public organic document, if any, and private organic rules, if any, shall be effective; and (D) if it is a limited liability partnership, its certificate of limited liability partnership shall be effective; (4) capital, surplus and other property of the dividing insurer: (A) That is allocated by the plan of division either: (i) Vests in the new insurers as provided in the plan of division; or (ii) remains vested in the dividing insurer; (B) that is not allocated by the plan of division: (i) Remains vested in the dividing insurer, if the dividing insurer survives the division; or (ii) is allocated to and vests equally in the resulting insurers as tenants in common, if the dividing insurer does not survive the division; or (C) vests as provided in this subsection without transfer, reversion or impairment; (5) a resulting insurer to which a cause of action is allocated as provided in subdivision (4) of this subsection may be substituted or added in any pending action or proceeding to which the dividing insurer is a party when the division becomes effective; (6) the policies and other liabilities of the dividing insurer are allocated between or among the resulting insurers as provided in section 38a-156x and the resulting insurers to which policies or other liabilities are allocated are liable for those policies and other liabilities as successors to the dividing insurer, and not by transfer, whether directly or indirectly; and (7) the interests in the dividing insurer that are to be converted or canceled in the division are converted or canceled, and the interest holders of those interests are entitled only to the rights provided to them under the plan of division and any appraisal rights they may have pursuant to section 38a-156y.
(b) Except as provided in the organic law or organic rules of the dividing insurer, the division does not give rise to any rights that an interest holder, governor or third party would have upon a dissolution, liquidation or winding up of the dividing insurer.
(c) The allocation to a new insurer of capital, surplus or other property that is collateral covered by an effective financing statement shall not be effective until a new financing statement naming the new insurer as a debtor is effective under sections 42a-9-101 to 42a-9-809, inclusive.
(d) Unless otherwise provided in the plan of division, the interests in and any securities of each new insurer shall be distributed to: (1) The dividing insurer, if it survives the division; or (2) the holders of the common interest or other residuary interest of the dividing insurer that do not assert appraisal rights, pro rata, if the dividing insurer does not survive the division.
(P.A. 17-2, S. 6.)
Structure Connecticut General Statutes
Section 38a-52. (Formerly Sec. 38-54). - Appeal from assessment.
Section 38a-52a. - Insurance Fund established.
Section 38a-54. - Audited reports.
Section 38a-55. - Hypothecation of assets.
Section 38a-56. (Formerly Sec. 38-19). - False returns to commissioner.
Section 38a-57. (Formerly Sec. 38-26a). - Retention of records and assets in state.
Section 38a-58. (Formerly Sec. 38-40). - Change of location of domestic insurance company.
Section 38a-58b. - Definitions.
Section 38a-58c. - Applicability of state laws to alien insurer's United States branch.
Section 38a-58e. - Annual and quarterly statements by United States branch.
Section 38a-58g. - Domestication of alien insurer's United States branch.
Section 38a-60. (Formerly Sec. 38-27a). - Continuity of management during national emergencies.
Section 38a-61. (Formerly Sec. 38-134). - Limitation of use of power of attorney.
Section 38a-63. - Limitation of liability of director of mutual insurance company.
Section 38a-64. (Formerly Sec. 38-41). - Donations by domestic mutual companies.
Section 38a-65. (Formerly Sec. 38-48). - Disposition of unclaimed dividends of insolvent company.
Section 38a-69. - Scope of provisions.
Section 38a-70. - Accounting standards.
Section 38a-71. - Minimum asset requirements. Minimum capital and minimum surplus requirements.
Section 38a-72. (Formerly Sec. 38-93). - Financial requirements to license an insurance company.
Section 38a-72a. - Regulations.
Section 38a-73. (Formerly Sec. 38-110). - Limitation of risks.
Section 38a-76. (Formerly Sec. 38-25). - Reserves.
Section 38a-77. (Formerly Sec. 38-130). - Valuation of reserve.
Section 38a-78a. - NAIC Valuation Manual. Operative date changes. Requirements.
Section 38a-79. (Formerly Sec. 38-26). - Valuation of securities.
Section 38a-79a. - Short title: Standard Valuation Law.
Section 38a-81. (Formerly Sec. 38-132). - Sale of property taken for debts.
Section 38a-82. (Formerly Sec. 38-133). - Improvement of real estate.
Section 38a-84. (Formerly Sec. 38-47). - Securities to be delivered to receiver.
Section 38a-85a. - Certification as a reinsurer. Regulations.
Section 38a-87. - Qualified United States financial institutions.
Section 38a-88. - Regulations.
Section 38a-88b. - Applicability of section 38a-88a.
Section 38a-89. - Reinsurance agreements affected.
Section 38a-90. - Short title: Managing General Agents Act.
Section 38a-90a. - Definitions.
Section 38a-90b. - Licensing of managing general agents.
Section 38a-90d. - Duties of the insurer.
Section 38a-90g. - Regulations.
Section 38a-90h. - Utilization of managing general agent's services. Exceptions.
Section 38a-91. - Definitions.
Section 38a-91a. - Insurers affected.
Section 38a-91aa. - Captive insurance companies. Definitions.
Section 38a-91b. - Controlled insurers. Applicability. Minimum provisions.
Section 38a-91bb. - Captive insurance companies. Licenses. Fees.
Section 38a-91c. - Disclosure to insured by controlling producer. Exception.
Section 38a-91cc. - Same or deceptively similar name prohibited.
Section 38a-91d. - Noncompliance: Remedies allowed.
Section 38a-91dd. - Capital and surplus requirements.
Section 38a-91ee. - Payment of dividends and other distributions.
Section 38a-91ff. - Incorporation and formation. Transfer of domicile.
Section 38a-91gg. - Annual reports.
Section 38a-91k. - Captive insurers: Information to be submitted to commissioner.
Section 38a-91kk. - Reinsurance.
Section 38a-91ll. - Rating organization.
Section 38a-91mm. - Guaranty association and insolvency fund exclusion.
Section 38a-91oo. - Applicability of insurance statutes.
Section 38a-91pp. - Conversions and mergers. Approval by commissioner.
Section 38a-91qq. - Regulations.
Section 38a-91uu. - Dormant captive insurance company. Certificate of dormancy. Capital and surplus.
Section 38a-91ww. - Agency captive insurance companies. Corporate form.
Section 38a-91xx. - Agency captive insurance companies. Authority to do business.
Section 38a-92. - Financial Guaranty Insurance Act, generally.
Section 38a-92a. - Definitions.
Section 38a-92b. - Licensing of financial guaranty insurance corporations. Reinsurance.
Section 38a-92c. - Contingency reserves.
Section 38a-92d. - Reserves against unpaid losses and loss expense.
Section 38a-92e. - Unearned premium reserve.
Section 38a-92f. - Disclosures in prospectus or other offering document.
Section 38a-92g. - Financial guaranty insurance transactions. Exceptions.
Section 38a-92h. - Copies of relevant materials.
Section 38a-92i. - Net liability. Kinds of obligations.
Section 38a-92j. - Limiting of exposure to loss on any one risk.
Section 38a-92m. - Credit for reinsurance as an asset or as a reduction from liability, when.
Section 38a-92n. - Filing of policy forms and amendments with commissioner.
Section 38a-102. - Investments. Derivative financial transactions. Regulations.
Section 38a-102a. - Nonadmitted investment assets. Divestiture order, notice and hearing.
Section 38a-102b. - Definitions.
Section 38a-102c. - Investments of admitted assets. Limitations.
Section 38a-102d. - Affiliate relationships in the investment of admitted assets. Limitations.
Section 38a-102e. - Loan or investment prohibition.
Section 38a-102f. - Prohibition of compensation for negotiating a loan.
Section 38a-102g. - Investments of foreign and alien insurers.
Section 38a-102h. - Policies and procedures re use of special knowledge or information.
Section 38a-102i. - Exceptions.
Section 38a-117. (Formerly Sec. 38-68a). - Insider trading of equity securities. Definitions.
Section 38a-120. (Formerly Sec. 38-68d). - Sales of securities restricted.
Section 38a-121. (Formerly Sec. 38-68e). - Excepted transactions.
Section 38a-122. (Formerly Sec. 38-68f). - Foreign or domestic arbitrage transactions.
Section 38a-123. (Formerly Sec. 38-68g). - Securities of certain companies not covered.
Section 38a-124. (Formerly Sec. 38-68h). - Regulations.
Section 38a-129a. - Presumption of control.
Section 38a-132. (Formerly Sec. 38-39d). - Approval of acquisitions. Hearing. Expenses.
Section 38a-133. (Formerly Sec. 38-39e). - Exemptions.
Section 38a-134. (Formerly Sec. 38-39f). - Nonvotable securities. Injunctive relief.
Section 38a-137. (Formerly Sec. 38-39i). - Confidentiality of information.
Section 38a-138. (Formerly Sec. 38-39j). - Regulations.
Section 38a-139. (Formerly Sec. 38-39k). - Appeals.
Section 38a-140. (Formerly Sec. 38-39l). - Remedial and penal provisions.
Section 38a-147. (Formerly Sec. 38-37a). - Solicitation of proxies.
Section 38a-149. (Formerly Sec. 38-38). - Interlocking directorate.
Section 38a-150. (Formerly Sec. 38-39). - Monopoly. Complaint and hearing. Cease and desist order.
Section 38a-151. (Formerly Sec. 38-34). - Reduction of capital stock.
Section 38a-153. (Formerly Sec. 38-42). - Merger or consolidation of companies.
Section 38a-156. - Definitions.
Section 38a-156b. - Mutual holding company requirements.
Section 38a-156c. - Amendments to articles of incorporation and plan of reorganization.
Section 38a-156e. - Requirements of reorganizing mutual life insurer. Report.
Section 38a-156f. - Voting stock offerings.
Section 38a-156g. - Restrictions on stock offerings and stock ownership.
Section 38a-156k. - Proceedings and actions.
Section 38a-156m. - Regulations.
Section 38a-156n to 38a-156q. - Reserved for future use.
Section 38a-156r. - Definitions.
Section 38a-156s. - Division of domestic insurer. Plan of division. Amendment and abandonment.
Section 38a-156t. - Plan of division. Approval by interest holders and governors.
Section 38a-156v. - Certificate of division.
Section 38a-156w. - Effect of division.
Section 38a-156x. - Responsibility and liability of resulting insurers.
Section 38a-156y. - Appraisal rights.
Section 38a-156z. - Regulations.
Section 38a-160. (Formerly Sec. 38-290). - Exceptions.
Section 38a-161. (Formerly Sec. 38-291). - Definitions.
Section 38a-162. (Formerly Sec. 38-292). - License required. Expiration. Fee. Required information.
Section 38a-165. (Formerly Sec. 38-295). - Records of licensee.
Section 38a-166. (Formerly Sec. 38-296). - Regulations.
Section 38a-167. (Formerly Sec. 38-297). - Insurance premium finance agreement requirements.
Section 38a-168. (Formerly Sec. 38-298). - Service charge.
Section 38a-169. (Formerly Sec. 38-299). - Delinquency charge.
Section 38a-170. (Formerly Sec. 38-300). - Cancellation of insurance contract on default of insured.