To provide protection for persons covered under section 38a-860, subject to certain limitations, against failure in the performance of contractual obligations under life, health and annuity policies, plans or contracts specified in section 38a-860 due to the impairment of the insurer issuing such policies, plans or contracts, an association of member insurers is created to enable the guaranty of payment of benefits and of continuation of coverages. Members of the association are subject to assessment to provide funds to carry out the purpose of sections 38a-858 to 38a-875, inclusive, and the association is authorized to assist the commissioner in the prescribed manner in the detection and prevention of insurer impairments.
(1972, P.A. 280, S. 2; P.A. 18-13, S. 1.)
History: Sec. 38-302 transferred to Sec. 38a-859 in 1991; P.A. 18-13 substituted “persons covered under section 38a-860” for “policyowners, insureds, beneficiaries, annuitants, payees and assignees of life insurance policies, health insurance policies, annuity contracts, and supplemental contracts”, added “under life, health and annuity policies, plans or contracts specified in section 38a-860”, replaced “association of insurers” with “association of member insurers”, and made a conforming change, effective July 1, 2018.
Structure Connecticut General Statutes
Chapter 704a - Insurance Guaranty Funds
Section 38a-837. (Formerly Sec. 38-274). - Application of chapter.
Section 38a-838. (Formerly Sec. 38-275). - Definitions.
Section 38a-842. (Formerly Sec. 38-279). - Plan of operation.
Section 38a-843. (Formerly Sec. 38-280). - Insolvent insurers. Penalty. Petition to show cause.
Section 38a-846. (Formerly Sec. 38-283). - Detection and prevention of insurer insolvencies.
Section 38a-848. (Formerly Sec. 38-285). - Exemption from fees and taxes. Exception.
Section 38a-849. (Formerly Sec. 38-286). - Rates and premiums to include recoupment of assessments.
Section 38a-852. (Formerly Sec. 38-288a). - Prohibited unfair trade practice.
Section 38a-853. (Formerly Sec. 38-289). - Regulations.
Section 38a-859. (Formerly Sec. 38-302). - Association of member insurers.
Section 38a-860. (Formerly Sec. 38-303). - Application of chapter. Obligations of association.
Section 38a-861. (Formerly Sec. 38-304). - Liberal construction.
Section 38a-862. (Formerly Sec. 38-305). - Definitions.
Section 38a-863. (Formerly Sec. 38-306). - Creation of association. Accounts. Supervision.
Section 38a-864. (Formerly Sec. 38-307). - Board of directors.
Section 38a-865. (Formerly Sec. 38-308). - Powers.
Section 38a-866. (Formerly Sec. 38-309). - Assessments.
Section 38a-867. (Formerly Sec. 38-310). - Plan of operation.
Section 38a-868. (Formerly Sec. 38-311). - Duties of commissioner.
Section 38a-869. (Formerly Sec. 38-312). - Action by board of directors. Examination of insurer.
Section 38a-872. (Formerly Sec. 38-315). - Examination and regulation of association. Reports.
Section 38a-873. (Formerly Sec. 38-316). - Exemption from fees and taxes.
Section 38a-874. (Formerly Sec. 38-317). - Immunity.
Section 38a-875. (Formerly Sec. 38-318). - Stay of proceedings in which impaired insurer a party.
Section 38a-880. - Brokered Transactions Guaranty Fund.
Section 38a-881. - Fee payable to fund.
Section 38a-882. - Level of guaranty fund. Credits to General Fund. Assessment of additional fee.
Section 38a-883. - Limitation of actions.
Section 38a-885. - Penalty for false or untrue claim.
Section 38a-886. - Procedure. Application to the Superior Court.
Section 38a-887. - Payment from guaranty fund.