A purchasing group that intends to do business in this state shall furnish notice to the Insurance Commissioner that shall: (1) Identify the state in which the group is domiciled; (2) specify the lines and classifications of liability insurance that the purchasing group intends to purchase; (3) identify the insurance company from which the group intends to purchase its insurance and the domicile of such company; (4) identify the principal place of business of the group; (5) provide such other information as may be required by the Insurance Commissioner to verify that the purchasing group satisfies the definitional requirements of subdivision (11) of section 38a-250; (6) register with and designate the Insurance Commissioner as its agent solely for the purpose of receiving service of legal documents or process, in accordance with Section 4 of the Liability Risk Retention Act of 1986; (7) identify all other states in which the group intends to do business; and (8) specify the method by which, and the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this state. A purchasing group shall notify the commissioner of any change in any of the items set forth in this section not later than ten days after any such change.
(P.A. 87-135, S. 12, 18; P.A. 89-33, S. 5; P.A. 93-239, S. 27; P.A. 15-118, S. 36; P.A. 16-206, S. 8.)
History: P.A. 89-33 made technical change in the cited Subdiv. of Sec. 38-530; Sec. 38-541 transferred to Sec. 38a-261 in 1991; P.A. 93-239 added additional requirements re the identification of all other states in which the risk retention group intends to do business, re the specification of the methods used and persons involved in offering such insurance to the members in this state and re notification to the commissioner within ten days of any changes in the requirements required by Sec. 38a-261; P.A. 15-118 made technical changes; P.A. 16-206 made a technical change in Subdiv. (5).
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.