Connecticut General Statutes
Chapter 698 - Insurers
Section 38a-91uu. - Dormant captive insurance company. Certificate of dormancy. Capital and surplus.

(a) For the purposes of this section, unless the context otherwise requires:

(1) “Dormant captive insurance company” means a pure captive insurance company, a sponsored captive insurance company or an industrial insured captive insurance company, each as defined in section 38a-91aa, that has:
(A) Ceased transacting insurance business; and
(B) No liabilities associated with any insurance business that occurred, or insurance policy that was issued, prior to, on or after the filing of its application for a certificate of dormancy under subsection (b) of this section; and
(2) “Insurance business” means the business of insurance, as defined in section 38a-905.
(b) A dormant captive insurance company that is domiciled in this state may apply to the Insurance Commissioner for a certificate of dormancy. The certificate of dormancy shall be subject to renewal once every five years, and shall be forfeited if the dormant captive insurance company commences transacting insurance business or fails to timely renew such certificate.
(c) A dormant captive insurance company that has been issued a certificate of dormancy shall:
(1) Possess and maintain unimpaired, paid-in capital and surplus of not less than fifteen thousand dollars, provided such dormant captive insurance company shall not be required to add capital upon entering dormancy if such dormant captive insurance company was never capitalized;
(2) Not later than March fifteenth, annually, submit to the commissioner a report on the financial condition of such company, verified by oath of two executive officers of such company, in such form as the commissioner prescribes; and
(3) Pay the license renewal fee specified in section 38a-11 for a captive insurance company.
(P.A. 17-198, S. 1; P.A. 22-118, S. 448.)
History: P.A. 17-198 effective July 1, 2017; P.A. 22-118 amended Subsec. (b) by replacing “two years” with “five years” and amended Subsec. (c) by replacing $25,000 with $15,000 and adding proviso re addition of capital if dormant captive insurance company was never capitalized in Subdiv. (1), and replacing “March 15, 2018” with “March fifteenth” in Subdiv. (2), effective July 1, 2022.

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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.