(a) A risk retention group seeking to be chartered in this state shall be chartered and licensed as a liability insurance company authorized by the insurance laws of this state and, except as provided in sections 38a-250 to 38a-266, inclusive, shall comply with all laws, rules, regulations and requirements applicable to such insurers chartered and licensed in this state, and with section 38a-252 to the extent such requirements are not a limitation on laws, rules, regulations or requirements of this state.
(b) Before it may offer insurance in any state, each risk retention group seeking to be chartered in this state shall submit for approval to the Insurance Commissioner (1) a plan of operation or a feasibility study, and (2) revisions to such plan or study of any material change in any item of such plan or study. A risk retention group shall not offer any additional lines of liability insurance in this state or any other state or operate under any other material change, including a change in rates, until such plan or study has been revised and the commissioner has approved such revision.
(c) A risk retention group shall provide to the commissioner with its application filing for charter the following information in summary form: (1) The identity of the initial members of the group; (2) the identity of the individuals who organized the group or who will provide administrative services or influence or control coverages to be offered; and (3) the states in which the group intends to operate. The commissioner shall forward such information upon receipt to NAIC.
(P.A. 87-135, S. 2, 18; P.A. 13-134, S. 9; P.A. 16-206, S. 3.)
History: Sec. 38-531 transferred to Sec. 38a-251 in 1991; P.A. 13-134 made a technical change; P.A. 16-206 designated existing provisions re compliance with laws, rules, regulations and requirements as Subsec. (a), designated existing provisions re submission of plan of operation or feasibility study as Subsec. (b) and amended same by adding provisions re material change in plan or study, added Subsec. (c) re information to be provided with application filing, and made technical changes.
Structure Connecticut General Statutes
Chapter 698c - Risk Retention Groups
Section 38a-250. (Formerly Sec. 38-530). - Definitions.
Section 38a-251a. - Governance standards. Audit committee. Examination.
Section 38a-254. (Formerly Sec. 38-534). - Premiums subject to taxation.
Section 38a-262. (Formerly Sec. 38-542). - Authority of Insurance Commissioner.
Section 38a-263. (Formerly Sec. 38-543). - License required for producers.
Section 38a-264. (Formerly Sec. 38-544). - Penalties for violations of chapter.
Section 38a-265. (Formerly Sec. 38-545). - Federal injunctions enforceable in state courts.
Section 38a-266. (Formerly Sec. 38-546). - Regulations by Insurance Commissioner.