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Senate Bill No. 837

Public Act No. 03-199

AN ACT CONCERNING MINOR AND TECHNICAL CHANGES TO THE INSURANCE STATUTES.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Subdivision (11) of section 38a-1 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2003):

(11) "Insurer" or "insurance company" includes any [corporation, association, partnership] person or combination of persons doing any kind or form of insurance business other than a fraternal benefit society, and shall include a receiver of any insurer when the context reasonably permits. When modified as follows, the term has the following meanings:

(A) "Alien insurer" means any insurer that has been chartered by or organized or constituted within or under the laws of any state or country without the United States.

(B) "Domestic insurer" means any insurer that has been chartered by, incorporated, organized or constituted within or under the laws of this state.

(C) "Foreign insurer" means any insurer that has been chartered by or organized or constituted within or under the laws of another state or a territory of the United States.

(D) "Mutual insurer" means any insurance company without capital stock, the managing directors or officers of which are elected by its members.

(E) "Unauthorized insurer" or "nonadmitted insurer" means an insurer that has not been granted a certificate of authority by the commissioner to transact the business of insurance in this state or an insurer transacting business not authorized by a valid certificate.

Sec. 2. Section 38a-53a of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2003):

Each domestic, foreign and alien insurer authorized to transact insurance in this state shall annually on or before March first of each year, file electronically with the National Association of Insurance Commissioners a copy of its annual statement convention blank, along with such additional filings as prescribed by the commissioner for the preceding year. The information filed with the National Association of Insurance Commissioners shall [be in the same format and scope as that required] include additional filings as prescribed by the commissioner and shall include the signed jurat page and the actuarial certification. [Each such insurer shall also file with the National Association of Insurance Commissioners a copy in electronic form of any information so filed with the National Association of Insurance Commissioners that was prepared in accordance with guidelines as required by the Insurance Commissioner. ] Any amendments and addendums to the annual statement or other financial statements subsequently filed with the commissioner shall also be filed with the National Association of Insurance Commissioners. Foreign insurers that are domiciled in a state that has a law substantially similar to the provisions of this section shall be deemed in compliance with this section. Upon written application of any insurer domiciled in this state that transacts no insurance business in another state, the commissioner may grant an exemption from compliance with this section if compliance would constitute a financial or organizational hardship upon the insurer. All financial analysis ratios and examination synopses concerning insurance companies that are submitted to the Insurance Department by the National Association of Insurance [Commissioners' Insurance Regulatory Information System] Commissioners are confidential and may not be disclosed or otherwise made public by the department.

Sec. 3. Section 38a-59 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2003):

An amendment to the certificate of incorporation of a domestic insurance company or health care center with capital stock [which] that changes the name of the company or health care center shall not become effective until approved by the Insurance Commissioner after reasonable notice and a public hearing, if such notice and hearing are deemed by [him] the commissioner to be in the public interest. A certificate of amendment conforming to the requirements of section 33-800 shall be filed in the office of the Insurance Commissioner before any amendment to the certificate of incorporation of a domestic insurance company or health care center with capital stock [shall become] becomes effective.

Sec. 4. Section 38a-339 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2003):

(a) [Any] Each automobile insurance policy providing comprehensive coverage, whether designated as such or included in a policy providing broader coverage, shall provide at the option of the insured complete coverage for repair or replacement of all damaged safety glass without regard to any deductible or minimum amount. [The provisions of this section shall apply to all automobile insurance policies delivered or issued for delivery or renewed on or after October 1, 1979. ]

(b) Each insurer which issues an automobile insurance policy in this state that provides comprehensive coverage shall [, at the initial renewal of such a policy during the calendar year 1986,] provide the insured with a written notice of the availability of the coverage described in subsection (a) of this section.

Sec. 5. Section 38a-478u of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2003):

The Insurance Commissioner [shall] may adopt regulations in accordance with the provisions of chapter 54 to implement the provisions of sections 38a-226 to 38a-226d, inclusive, 38a-478 to 38a-478u, inclusive, 38a-479aa and 38a-993.

Sec. 6. Section 38a-512 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2003):

Any policy providing major medical expense coverage which is written to complement underlying hospital, medical and surgical expense coverage, unless otherwise specifically provided, shall not be required to include the benefits required in the underlying hospital, medical and surgical expense coverage. The provisions of sections 38a-513, 38a-529, 38a-532, [and] 38a-545 [to] and 38a-547 [, inclusive,] shall not apply to any subscriber contract issued by a health care center.

Sec. 7. Subdivision (25) of section 38a-905 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2003):

(25) "Swap agreement" means an agreement, including the terms and conditions incorporated by reference in an agreement, that is a rate swap agreement, basis swap, commodity swap, forward rate agreement, interest rate future, interest rate option, forward foreign exchange agreement, spot foreign exchange agreement, rate cap agreement, rate floor agreement, rate collar agreement, currency swap agreement, cross-currency rate swap agreement, currency future, or currency option or any other similar agreement, and includes any combination of agreements and an option to enter into an agreement.

Approved June 26, 2003