CHAPTER 704c
INSURERS REHABILITATION AND LIQUIDATION ACT
AND TERMINATION OF DOMESTIC
LIFE INSURANCE COMPANIES

Table of Contents

Sec. 38a-962. Definitions.

PART I
MODEL INSURERS REHABILITATION AND LIQUIDATION ACT

      Sec. 38a-962. Definitions. As used in sections 38a-129, 38a-140 and 38a-962 to 38a-962j, inclusive:

      (1) "Insurer" means and includes every person engaged as indemnitor, surety or contractor in the business of entering into contracts of insurance or of annuities as limited to:

      (A) Any insurer who is doing an insurer business, or who has transacted insurance in this state, and against whom claims arising from that transaction may exist now or in the future;

      (B) Any fraternal benefit society which is subject to the provisions of sections 38a-595 to 38a-640, inclusive, and 38a-800;

      (C) Any health care center.

      (2) "Exceeded its powers" shall mean the following:

      (A) The insurer has refused to permit examination of its books, papers, accounts, records or affairs by the commissioner, his or her deputies, employees or duly commissioned examiners;

      (B) A domestic insurer has unlawfully removed from this state books, papers, accounts or records necessary for an examination of the insurer;

      (C) The insurer has failed to promptly comply with the applicable financial reporting statutes or rules and departmental requests relating thereto;

      (D) The insurer has neglected or refused to observe an order of the commissioner to make good, within the time prescribed by law, any prohibited deficiency in its capital, capital stock or surplus;

      (E) The insurer is continuing to transact insurance or write business after its license has been revoked or suspended by the commissioner;

      (F) The insurer, by contract or otherwise, has unlawfully or has in violation of an order of the commissioner or has without first having obtained written approval of the commissioner if approval is required by law: (i) Totally reinsured its entire outstanding business, or (ii) merged or consolidated substantially its entire property or business with another insurer;

      (G) The insurer engaged in any transaction in which it is not authorized to engage under the laws of this state;

      (H) The insurer refused to comply with a lawful order of the commissioner.

      (3) "Consent" means agreement to administrative supervision by the insurer.

      (P.A. 92-93, S. 32; P.A. 07-217, S. 159.)

      History: P.A. 07-217 made technical changes in Subdiv. (2)(F), effective July 12, 2007.

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