Connecticut General Statutes
Chapter 698 - Insurers
Section 38a-91aa. - Captive insurance companies. Definitions.

As used in this section, sections 38a-91bb to 38a-91uu, inclusive, and sections 38a-91ww and 38a-91xx:

(1) “Affiliated company” means any company in the same corporate system as a parent, an industrial insured or a member organization by virtue of common ownership, control, operation or management.
(2) “Agency captive insurance company” means a captive insurance company that:
(A) Is owned or directly or indirectly controlled by one or more insurance agents or insurance producers licensed in accordance with sections 38a-702a to 38a-702r, inclusive;
(B) Only insures against risks covered by insurance policies sold, solicited or negotiated through the insurance agents or insurance producers that own or control such captive insurance company; and
(C) Does not insure against risks covered by any health insurance policy or plan.
(3) “Alien captive insurance company” means any insurance company formed to write insurance business for its parent and affiliated companies and licensed pursuant to the laws of an alien jurisdiction that imposes statutory or regulatory standards on companies transacting the business of insurance in such jurisdiction that the commissioner deems to be acceptable.
(4) “Association” means any legal association of individuals, corporations, limited liability companies, partnerships, associations or other entities, where the association itself or some or all of the member organizations:
(A) Directly or indirectly own, control or hold with power to vote all of the outstanding voting securities or other voting interests of an association captive insurance company incorporated as a stock insurer;
(B) Have complete voting control over an association captive insurance company incorporated as a mutual corporation or formed as a limited liability company; or
(C) Constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer.
(5) “Association captive insurance company” means any company that insures risks of the member organizations of an association, and includes a company that also insures risks of such member organizations' affiliated companies or of the association.
(6) “Branch business” means any insurance business transacted in this state by a branch captive insurance company.
(7) “Branch captive insurance company” means any alien captive insurance company or foreign captive insurance company licensed by the commissioner to transact the business of insurance in this state through a business unit with a principal place of business in this state.
(8) “Branch operations” means any business operations in this state of a branch captive insurance company.
(9) “Captive insurance company” means any (A) pure captive insurance company, agency captive insurance company, association captive insurance company, industrial insured captive insurance company, risk retention group, sponsored captive insurance company or special purpose financial captive insurance company that is domiciled in this state and formed or licensed under the provisions of this section and sections 38a-91bb to 38a-91tt, inclusive, or (B) branch captive insurance company.
(10) “Ceding insurer” means an insurance company, approved by the commissioner and licensed or otherwise authorized to transact the business of insurance or reinsurance in its state or country of domicile, that cedes risk to a special purpose financial captive insurance company pursuant to a reinsurance contract.
(11) “Commissioner” means the Insurance Commissioner.
(12) “Controlled unaffiliated business” means any person:
(A) Who, (i) in the case of a pure captive insurance company, is not in the corporate system of a parent and the parent's affiliated companies, (ii) in the case of an industrial insured captive insurance company, is not in the corporate system of an industrial insured and the industrial insured's affiliated companies, or (iii) in the case of a sponsored captive insurance company, is not in the corporate system of a participant and the participant's affiliated companies;
(B) Who, (i) in the case of a pure captive insurance company, has an existing contractual relationship with a parent or one of the parent's affiliated companies, (ii) in the case of an industrial insured captive insurance company, has an existing contractual relationship with an industrial insured or one of the industrial insured's affiliated companies, or (iii) in the case of a sponsored captive insurance company, has an existing contractual relationship with a participant or one of the participant's affiliated companies; and
(C) Whose risks are managed by a pure captive insurance company, an industrial insured captive insurance company or a sponsored captive insurance company, as applicable, in accordance with section 38a-91qq.
(13) “Excess workers' compensation insurance” means, in the case of an employer that has insured or self-insured its workers' compensation risks in accordance with applicable state or federal law, insurance in excess of a specified per-incident or aggregate limit established by the commissioner.
(14) “Foreign captive insurance company” means any insurance company formed to write insurance business for its parent and affiliated companies and licensed pursuant to the laws of a foreign jurisdiction that imposes statutory or regulatory standards on companies transacting the business of insurance in such jurisdiction that the commissioner deems to be acceptable.
(15) “Incorporated protected cell” means a protected cell that is established as a corporation or a limited liability company, separate from the sponsored captive insurance company with which it has entered into a participant contract.
(16) “Industrial insured” means an insured:
(A) Who procures the insurance of any risk or risks by use of the services of a full-time employee acting as an insurance manager or buyer;
(B) Whose aggregate annual premiums for insurance on all risks total at least twenty-five thousand dollars; and
(C) Who has at least twenty-five full-time employees.
(17) “Industrial insured captive insurance company” means any company that insures risks of the industrial insureds that comprise an industrial insured group, and includes a company that also insures risks of such industrial insureds' affiliated companies.
(18) “Industrial insured group” means any group of industrial insureds that collectively:
(A) Directly or indirectly own, control or hold with power to vote all of the outstanding voting securities or other voting interests of an industrial insured captive insurance company incorporated as a stock insurer;
(B) Have complete voting control over an industrial insured captive insurance company incorporated as a mutual corporation or formed as a limited liability company; or
(C) Constitute all of the subscribers of an industrial insured captive insurance company formed as a reciprocal insurer.
(19) “Insurance securitization” or “securitization” means a transaction or a group of related transactions, which may include capital market offerings, that are effected through related risk transfer instruments and facilitating administrative agreements, in which all or part of the result of such transaction is used to fund a special purpose financial captive insurance company's obligations under a reinsurance contract with a ceding insurer and by which:
(A) A special purpose financial captive insurance company directly or indirectly obtains proceeds through the issuance of securities by such company or any other person; or
(B) A person provides, for the benefit of a special purpose financial captive insurance company, one or more letters of credit or other assets that the commissioner has authorized such company to treat as admitted assets for purposes of its annual report. “Insurance securitization” or “securitization” does not include the issuance of a letter of credit for the benefit of the commissioner to satisfy all or part of a special purpose financial captive insurance company's capital and surplus requirements under section 38a-91dd.
(20) “Member organization” means any individual, corporation, limited liability company, partnership, association or other entity that belongs to an association.
(21) “Mutual corporation” means a corporation organized without stockholders and includes a nonprofit corporation with members.
(22) “Parent” means any individual, corporation, limited liability company, partnership or other entity that directly or indirectly owns, controls or holds with power to vote more than fifty per cent of the outstanding voting:
(A) Securities of a pure captive insurance company organized as a stock insurer; or
(B) Membership interests of a pure captive insurance company organized as a nonprofit corporation or as a limited liability company.
(23) “Participant” means any association, corporation, limited liability company, partnership, trust or other entity, and any affiliated company or controlled unaffiliated business thereof, that is insured by a sponsored captive insurance company pursuant to a participant contract.
(24) “Participant contract” means a contract entered into by a sponsored captive insurance company and a participant by which the sponsored captive insurance company insures the risks of the participant and limits the losses of each such participant to its pro rata share of the assets of one or more protected cells identified in such participant contract.
(25) “Protected cell” means a separate account established by a sponsored captive insurance company, in which assets are maintained for one or more participants in accordance with the terms of one or more participant contracts to fund the liability of the sponsored captive insurance company assumed on behalf of such participants as set forth in such participant contracts.
(26) “Pure captive insurance company” means any company that insures risks of its parent and affiliated companies or controlled unaffiliated business.
(27) “Reinsurance contract” means a contract entered into by a special purpose financial captive insurance company and a ceding insurer by which the special purpose financial captive insurance company agrees to provide reinsurance to the ceding insurer for risks associated with the ceding insurer's insurance or reinsurance business.
(28) “Risk retention group” means a captive insurance company organized under the laws of this state pursuant to the federal Liability Risk Retention Act of 1986, 15 USC 3901 et seq., as amended from time to time, as a stock insurer or mutual corporation, a reciprocal or other limited liability entity.
(29) “Security” has the same meaning as provided in section 36b-3 and includes any form of debt obligation, equity, surplus certificate, surplus note, funding agreement, derivative or other financial instrument that the commissioner designates as a security for purposes of this section and sections 38a-91bb to 38a-91tt, inclusive.
(30) “Special purpose financial captive insurance company” means a company that is licensed by the commissioner in accordance with section 38a-91bb.
(31) “Special purpose financial captive insurance company security” means a security issued by (A) a special purpose financial captive insurance company, or (B) a third party, the proceeds of which are obtained directly or indirectly by a special purpose financial captive insurance company.
(32) “Sponsor” means any association, corporation, limited liability company, partnership, trust or other entity that is approved by the commissioner to organize and operate a sponsored captive insurance company and to provide all or part of the required unimpaired paid-in capital and surplus.
(33) “Sponsored captive insurance company” means a captive insurance company:
(A) In which the minimum required unimpaired paid-in capital and surplus are provided by one or more sponsors;
(B) That insures risks of its participants only through separate participant contracts; and
(C) That funds its liability to each participant through one or more protected cells and segregates the assets of each protected cell from the assets of other protected cells and from the assets of the sponsored captive insurance company's general account.
(34) “Surplus note” means an unsecured subordinated debt obligation possessing characteristics consistent with the National Association of Insurance Commissioners Statement of Statutory Accounting Principles No. 41, as amended from time to time, and as modified or supplemented by the commissioner.
(P.A. 08-127, S. 1; Oct. Sp. Sess. P.A. 11-1, S. 56; P.A. 18-151, S. 3; P.A. 22-118, S. 437.)
History: P.A. 08-127 effective January 1, 2009; Oct. Sp. Sess. P.A. 11-1 redefined “association”, “association captive insurance company”, “captive insurance company”, “controlled unaffiliated business”, “industrial insured captive insurance company”, “industrial insured group” and “parent”, defined “alien captive insurance company”, “branch business”, “branch captive insurance company”, “branch operations”, “ceding insurer”, “incorporated protected cell”, “insurance securitization”, “participant”, “participant contract”, “protected cell”, “reinsurance contract”, “security”, “special purpose financial captive insurance company”, “special purpose financial captive insurance company security”, “sponsor”, “sponsored captive insurance company” and “surplus note”, and made technical changes, effective July 1, 2012; P.A. 18-151 added references to Secs. 38a-91ww and 38a-91xx in introductory language, added new Subdiv. (2) defining “agency captive insurance company”, redesignated existing Subdivs. (2) to (32) as Subdivs. (3) to (33), and amended redesignated Subdiv. (9) to redefine “captive insurance company”, effective July 1, 2018; P.A. 22-118 replaced “section 38a-91aa to 38-91tt” with “this section, sections 38a-91bb to 38a-91uu” in introductory language, redefined “association”, “branch captive insurance company”, “controlled unaffiliated business” and “participant”, added new Subdiv. (14) defining “foreign captive insurance company”, redesignated existing Subdivs. (14) to (33) as Subdivs. (15) to (34), and made a technical change in Subdiv. (9) and redesignated Subdiv. (29), effective July 1, 2022.
See Sec. 38a-591j(b) re use of utilization review license fees to implement provisions of Secs. 38a-91aa to 38a-91tt, inclusive.

Structure Connecticut General Statutes

Connecticut General Statutes

Title 38a - Insurance

Chapter 698 - Insurers

Section 38a-41. (Formerly Sec. 38-20). - Authority to do business. Licensure. Revocation or refusal to renew license. Fines. Company owned by a state or foreign nation or company controlled by insureds not to be issued license. Appeals. Plan of opera...

Section 38a-41a. - Certificate authorizing formation of insurance company or health care center. Information required by commissioner. Costs.

Section 38a-42. (Formerly Sec. 38-20b). - Contracts with life, accident or health insurance producers.

Section 38a-43. (Formerly Sec. 38-22). - Certain insurance companies and health care centers may be prohibited from transacting business in this state.

Section 38a-44. (Formerly Sec. 38-64b). - Notice to commissioner of intent to discontinue line of insurance.

Section 38a-45. (Formerly Sec. 38-29). - Limitation on title insurance and mortgage guaranty insurance.

Section 38a-46. (Formerly Sec. 38-30). - Writing of participating and nonparticipating insurance by domestic stock and mutual insurance companies.

Section 38a-47. (Formerly Sec. 38-53a). - Payments by domestic insurance companies for expenditures of Insurance Department and amount appropriated to Office of Health Strategy from Insurance Fund.

Section 38a-48. (Formerly Sec. 38-53b). - Assessment of payments by domestic insurance companies. Adjustments. Penalty. Interest. Payments credited to Insurance Fund. Allocation of assessments.

Section 38a-49. (Formerly Sec. 38-51). - Fraternal benefit societies and foreign or alien companies to reimburse state for costs of examination.

Section 38a-50. (Formerly Sec. 38-52). - Fraternal, foreign and alien life insurers to reimburse state for costs of valuation.

Section 38a-51. (Formerly Sec. 38-53). - Assessment of costs of examination and valuation. Payments credited to Insurance Fund.

Section 38a-52. (Formerly Sec. 38-54). - Appeal from assessment.

Section 38a-52a. - Insurance Fund established.

Section 38a-53. (Formerly Sec. 38-24). - Requirements re filing of annual reports and financial statements. Late filing fee. Due date extensions.

Section 38a-53a. - Annual statement convention blank filing with the National Association of Insurance Commissioners. Financial statements and other information filing with the National Association of Insurance Commissioners.

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-58a. - Transfer of domicile: By foreign insurance company to this state; by domestic insurance company to another state. Procedures.

Section 38a-58b. - Definitions.

Section 38a-58c. - Applicability of state laws to alien insurer's United States branch.

Section 38a-58d. - Use of state as alien insurer's state of entry. Requirements. Examination of trusteed assets. Revocation of license and liquidation of United States branch.

Section 38a-58e. - Annual and quarterly statements by United States branch.

Section 38a-58f. - Issuance and renewal of United States branch license. Proceeding against United States branch.

Section 38a-58g. - Domestication of alien insurer's United States branch.

Section 38a-59. (Formerly Sec. 38-42a). - Change of name of domestic insurance company or domestic health care center with capital stock.

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-62. (Formerly Sec. 38-27b). - Indemnification of directors, officers and employees of mutual insurance companies.

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-66. - Reinsurance of insurance business with other insurers by agreement of bulk reinsurance.

Section 38a-67. - Reporting requirement for cancellations and revisions of ceded reinsurance agreements.

Section 38a-67a. - Acquisitions and dispositions of assets, reporting requirement waived, when. Asset acquisitions and dispositions, defined. Information required to be disclosed.

Section 38a-67b. - Nonrenewals, cancellations or revisions, reporting requirement waived, when. Information required to be disclosed.

Section 38a-69. - Scope of provisions.

Section 38a-69a. - Confidentiality of financial examination workpapers and operating and financial condition reports. Confidentiality of certain supplemental compensation exhibits and stockholder information supplements. Exceptions.

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-74 and 38a-75. (Formerly Secs. 38-94 and 38-95). - Estimation of trusteed surplus. Appointment of trustees; examinations by commissioner.

Section 38a-76. (Formerly Sec. 38-25). - Reserves.

Section 38a-77. (Formerly Sec. 38-130). - Valuation of reserve.

Section 38a-78. (Formerly Sec. 38-130e). - Ascertainment of reserves for insurance policies and contracts issued prior to and on or after operative date of NAIC Valuation Manual. Actuarial opinions and memoranda. Confidentiality.

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-80. (Formerly Sec. 38-164). - Premium reserve for health, accident and liability business.

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-83. (Formerly Sec. 38-43). - Securities required by other states deposited with State Treasurer.

Section 38a-84. (Formerly Sec. 38-47). - Securities to be delivered to receiver.

Section 38a-85. - Credit allowed a domestic ceding insurer. Filing of annual reports, certifications and financial statements. Assuming insurers and reciprocal jurisdictions. Suspension or revocation of accreditation or certification. Proportionality...

Section 38a-85a. - Certification as a reinsurer. Regulations.

Section 38a-86. - Reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer. Regulations.

Section 38a-87. - Qualified United States financial institutions.

Section 38a-88. - Regulations.

Section 38a-88a. - Insurance business investments through fund managers. Invest CT funds. Tax credits. 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-90c. - Contractual agreement between insurer and managing general agent. Minimum provisions of the contract.

Section 38a-90d. - Duties of the insurer.

Section 38a-90e. - Acts of managing general agent considered to be acts of insurer. Examination of the managing general agent.

Section 38a-90f. - Violations of the Managing General Agents Act. Hearing and notices. Fines. Loss or damage due to noncompliance rehabilitation or liquidation. Civil actions and other relief.

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-91hh. - Examinations of captive insurance companies. Costs. Confidentiality of financial examination workpapers and reports.

Section 38a-91ii. - Suspension, revocation or refusal to renew license. Amendment or modification of a special purpose financial captive insurance company's license.

Section 38a-91jj. - Applicability of state investment laws. Certain loans and investments required to be approved by commissioner. Loans of minimum capital and surplus funds prohibited.

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-91nn. - Direct premium receipts tax and assumed reinsurance premium receipts tax. Applicability of tax statutes.

Section 38a-91oo. - Applicability of insurance statutes.

Section 38a-91pp. - Conversions and mergers. Approval by commissioner.

Section 38a-91qq. - Regulations.

Section 38a-91rr. - Establishment of protected cells and incorporated protected cells by a sponsored captive insurance company. Extent of obligations. Recourse.

Section 38a-91ss. - Additional requirements for a special purpose financial captive insurance company.

Section 38a-91tt. - Additional requirements for a sponsored captive insurance company licensed as a special purpose financial captive insurance company.

Section 38a-91uu. - Dormant captive insurance company. Certificate of dormancy. Capital and surplus.

Section 38a-91vv. - Establishment of captive insurance company to provide assistance to owners of residential buildings with concrete foundations that have deteriorated due to presence of pyrrhotite. Reports. Public hearings. Applications for assista...

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-92k. - Exceeding of limitations by licensed financial insurance corporations. Notification of commissioner. Hearing.

Section 38a-92l. - Other licensed insurers transacting financial guaranty insurance to be subject to provisions of this part.

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-94 to 38a-101. (Formerly Secs. 38-141a to 38-146a and 38-148 - Domestic life insurers: Certain investments forbidden; unqualified loans and investments, limit permitted; investment in obligations guaranteed by federal or state government;...

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-118. (Formerly Sec. 38-68b). - Beneficial owners of securities to file with commissioner.

Section 38a-119. (Formerly Sec. 38-68c). - Disposition of certain profits realized by owners and officers.

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-129. (Formerly Sec. 38-39a). - Purpose. Definitions. Applicability to captive insurance companies.

Section 38a-129a. - Presumption of control.

Section 38a-130. (Formerly Sec. 38-39b). - Acquisition and divestiture of domestic insurance companies. Required statement and notice filings. Violations.

Section 38a-131. (Formerly Sec. 38-39c). - Acquisitions. Exemptions. Preacquisition notifications. Violations of competitive standards. Hearing. Penalties.

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-135. (Formerly Sec. 38-39g). - Insurance holding company system member registration. Registration statement. Annual enterprise risk report. Group capital calculation. Liquidity stress test framework. Termination of registration statement....

Section 38a-136. (Formerly Sec. 38-39h). - Requirements re transactions within an insurance holding company system. Prohibited transactions. Extraordinary dividends or distributions. Affiliate consent to jurisdiction.

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-141. (Formerly Sec. 38-39m). - Financial and market conduct examination of acquired domestic insurance company. Transactions limited. Penalties. Regulations.

Section 38a-142. - Own risk and solvency assessments. Reports. Penalty. Exemptions. Confidentiality of documents, materials or other information.

Section 38a-142a. - Corporate governance annual disclosures. Confidentiality of documents, materials or other information. CGAD reviews. Penalty.

Section 38a-146. (Formerly Sec. 38-37). - Domestic insurance company may acquire stock of other companies.

Section 38a-147. (Formerly Sec. 38-37a). - Solicitation of proxies.

Section 38a-148. (Formerly Sec. 38-37b). - Redemption of shares of domestic insurance company. Notice. Determination of fair value.

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-152. (Formerly Sec. 38-35). - Issuance of stock in exchange for stock of another company.

Section 38a-153. (Formerly Sec. 38-42). - Merger or consolidation of companies.

Section 38a-154. (Formerly Sec. 38-36). - Filing of the certificate of merger or consolidation with the Secretary of the State.

Section 38a-155. (Formerly Sec. 38-42b). - Conversion of hospital service corporation and medical service corporation to mutual insurance company. Procedure. Authorized agents to sell products.

Section 38a-156. - Definitions.

Section 38a-156a. - Reorganization of domestic mutual insurer as domestic stock insurer owned by mutual holding company. Plan of reorganization. Approval. Use of the word “mutual” in name. Voting stock ownership. Prohibited fees, commission or other...

Section 38a-156b. - Mutual holding company requirements.

Section 38a-156c. - Amendments to articles of incorporation and plan of reorganization.

Section 38a-156d. - Transfer of assets or liabilities and acquisition of subsidiaries by reorganized insurer.

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-156h. - Merger or consolidation of mutual holding companies. Effect on pending court action or proceeding.

Section 38a-156i. - Reorganization of domestic mutual insurer with existing domestic or foreign mutual holding company.

Section 38a-156j. - Conversion of domestic mutual holding company to domestic stock corporation. Plan of conversion. Approval. Prohibited fees, commission or other consideration.

Section 38a-156k. - Proceedings and actions.

Section 38a-156l. - Confidentiality of information, documents and copies related to reorganization, merger, consolidation or conversion.

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-156u. - Plan of division. Approval by commissioner. Notice and hearing. Certificate of approval.

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-163. (Formerly Sec. 38-293). - Application for license. Investigation. Hearing on license denial. Issuance or renewal.

Section 38a-164. (Formerly Sec. 38-294). - Revocation, suspension or refusal to renew license. Hearing. Fine. Petition to show cause.

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.