(a) As used in this section (1) “bank holding company” has the same meaning as provided in section 36-419, and (2) “lending institution” includes, but is not limited to, banks, savings and loan associations and credit unions.
(b) No person, partnership, association or corporation licensed under the provisions of section 38a-769, which is owned or controlled, directly or indirectly, by a bank holding company or lending institution, shall negotiate any policy of insurance applicable to any real or personal property which is security for an extension of credit by any lending institution, if approval of the transaction is contingent on the purchase of said insurance.
(c) The terms of this section shall not be construed to apply to any person, partnership, association or corporation owned or controlled by a bank holding company or any lending institution engaged in the activity prohibited hereby on December 31, 1971.
(1972, P.A. 109, S. 1–3; P.A. 07-217, S. 158; P.A. 14-122, S. 171.)
History: Sec. 38-76c transferred to Sec. 38a-718 in 1991; P.A. 07-217 made technical changes in Subsec. (a), effective July 12, 2007; P.A. 14-122 made technical changes in Subsec. (a).
Structure Connecticut General Statutes
Chapter 701a - Insurance Producers, Agents and Third-Party Administrators
Section 38a-702. (Formerly Sec. 38-69). - Definitions.
Section 38a-702a. - Definitions.
Section 38a-702b. - Producer license required.
Section 38a-702c. - Exceptions to licensing requirement.
Section 38a-702d. - Examinations. Fees.
Section 38a-702g. - Nonresident licenses.
Section 38a-702i. - Notice to commissioner re use of assumed name.
Section 38a-702j. - Temporary producer licenses.
Section 38a-702k. - Denial, nonrenewal or revocation of producer licenses. Hearings. Penalties.
Section 38a-702l. - Producer commissions.
Section 38a-702m. - Agent appointments. Fees.
Section 38a-702n. - Reciprocity.
Section 38a-702p. - Regulations.
Section 38a-702q. - Applicability of provisions.
Section 38a-702r. - Construction. Provisions not applicable to bail bond or title insurance.
Section 38a-702s. - Additional grounds for denial of producer licenses.
Section 38a-704. (Formerly Sec. 38-71). - Penalty for acting as insurance producer without license.
Section 38a-705. (Formerly Sec. 38-73). - Exemption of fraternal benefit societies.
Section 38a-706. (Formerly Sec. 38-75). - Sharing commission.
Section 38a-707a. - Producer compensation. Disclosure and customer acknowledgment.
Section 38a-709. (Formerly Sec. 38-76b). - Termination of producer's appointment and contract.
Section 38a-711. (Formerly Sec. 38-92). - Payment of commissions to unlicensed persons.
Section 38a-715. (Formerly Sec. 38-90a). - Payment by insured to producer as payment to company.
Section 38a-716. (Formerly Sec. 38-90b). - Premium advancing by producer. Cancellation of policy.
Section 38a-717. (Formerly Sec. 38-91). - Payment of commissions to producers.
Section 38a-720. - Definitions.
Section 38a-720a. - License. Exemptions. Written agreement required.
Section 38a-720b. - Payments of premiums or charges to a third-party administrator.
Section 38a-720d. - Advertising.
Section 38a-720f. - Collection of premiums or charges. Payment of claims.
Section 38a-720g. - Compensation prohibitions.
Section 38a-720h. - Disclosures.
Section 38a-720i. - Delivery of written communications to insureds.
Section 38a-720l. - License renewal filing.