Table of Contents
Sec. 36a-434a. Establishment of offices by out-of-state trust companies. Sec. 36a-434a. Establishment of offices by out-of-state trust companies. (a)
Any out-of-state trust company, whether or not owned or controlled by an out-of-state
holding company or a foreign banking corporation, as defined in subsection (a) of section
36a-425, may, with the approval of the commissioner, establish and maintain an office
in this state to act as a fiduciary or engage in a trust business in this state, provided the
laws of the state in which such trust company is chartered authorize (1) similar companies
chartered in this state to act as a fiduciary and (2) banks organized to function solely in
a fiduciary capacity to establish and maintain such office in such state. Such approved
out-of-state trust company shall be deemed to transact business in this state for the
purposes of section 33-920, subsection (a) of section 33-1210, section 34-223 or section
34-429 and shall comply with the applicable requirements of said sections. Application
for approval to establish and maintain an office pursuant to this section shall be made
on forms prescribed by the commissioner. Such application shall state the minimum
equity capital of the out-of-state trust company which shall be at least two million dollars.
Such application shall be accompanied by evidence of compliance with the applicable
requirements of the regulator in the state in which the out-of-state trust company is
chartered for the establishment and maintenance of such office and the bond required
under section 36a-434b. The out-of-state trust company shall pay to the commissioner,
at the time of making such application, a nonrefundable fee of one thousand five hundred
dollars. The application shall be deemed approved and the applicant may commence
business at the office unless the commissioner disapproves the application within thirty
days after the application has been filed with the commissioner. The thirty-day period
of review may be extended by the commissioner, in writing, on a determination that
the application raises issues that require additional information or additional time for
analysis. Sec. 36a-434b. Bond requirement. The governing board of an out-of-state trust
company that maintains an office in this state shall require that each of its officers and
employees at such office be bonded in favor of the out-of-state trust company by a surety
company authorized to do business in this state in such amounts as are approved by the
governing board and are acceptable to the commissioner. Sec. 36a-434c. Powers of commissioner re offices of out-of-state trust companies. (a) The commissioner may make such examination or investigation of any office
established and maintained in this state by an out-of-state trust company as the commissioner may deem necessary to determine whether the office is being operated in compliance with the laws of this state and in accordance with safe and sound practices. The
out-of-state trust company shall pay the expenses of examination or investigation made
under this section.
Sec. 36a-434b. Bond requirement.
Sec. 36a-434c. Powers of commissioner re offices of out-of-state trust companies.
Sec. 36a-434d. Notice to commissioner.
(b) The commissioner may approve the application if the commissioner finds that:
(1) The proposed managers of the office have the capacity and fitness for the duties and
responsibilities with which they will be charged; (2) the out-of-state trust company has
sufficient financial resources to undertake its proposed activities; and (3) the establishment of the office is in the public interest.
(P.A. 98-258, S. 5.)
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(P.A. 98-258, S. 6.)
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(b) The commissioner may require periodic reports regarding any out-of-state trust
company that has established and maintains an office in this state.
(c) The commissioner may enter into cooperative, coordinating and information-
sharing agreements with any other state or federal supervisory agencies or any organization affiliated with or representing such supervisory agencies with respect to the periodic
examination or other supervision of any office in this state of an out-of-state trust company, and the commissioner, in lieu of conducting an examination or investigation,
may accept the report of examination and report of investigation of such agency or
organization.
(d) The commissioner may enter into joint examinations or joint enforcement actions with other state or federal supervisory agencies having concurrent jurisdiction over
any office established and maintained in this state by an out-of-state trust company,
provided the commissioner may at any time take such actions independently if the commissioner deems such actions to be necessary or appropriate.
(P.A. 98-258, S. 7.)
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