Connecticut General Statutes 38a-271a – Domestic surplus lines insurers
(a) A domestic insurance company that has policyholder surplus of at least fifteen million dollars may, pursuant to a resolution adopted by its board of directors and with the approval of the Insurance Commissioner, be designated as a domestic surplus lines insurer. Unless otherwise provided by law, all financial and solvency requirements imposed under chapter 698 on a domestic insurer authorized to do insurance business in this state shall apply to a domestic surplus lines insurer.
Terms Used In Connecticut General Statutes 38a-271a
- another: may extend and be applied to communities, companies, corporations, public or private, limited liability companies, societies and associations. See Connecticut General Statutes 1-1
- Commissioner: means the Insurance Commissioner. See Connecticut General Statutes 38a-1
- Domestic insurer: means any insurer that has been chartered by, incorporated, organized or constituted within or under the laws of this state. See Connecticut General Statutes 38a-1
- Domestic surplus lines insurer: means any domestic insurer that has been authorized by the commissioner to write surplus lines insurance. See Connecticut General Statutes 38a-1
- Insurance: means any agreement to pay a sum of money, provide services or any other thing of value on the happening of a particular event or contingency or to provide indemnity for loss in respect to a specified subject by specified perils in return for a consideration. See Connecticut General Statutes 38a-1
- insurance company: includes any 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. See Connecticut General Statutes 38a-1
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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. See Connecticut General Statutes 38a-1
- Policy: means any document, including attached endorsements and riders, purporting to be an enforceable contract, which memorializes in writing some or all of the terms of an insurance contract. See Connecticut General Statutes 38a-1
- State: means any state, district, or territory of the United States. See Connecticut General Statutes 38a-1
(b) A domestic surplus lines insurer (1) shall be considered an unauthorized insurer that is eligible to write surplus lines insurance coverage in this state, (2) shall, with respect to surplus lines insurance written in this state, be considered a nonadmitted insurer under 15 USC 8206, as amended from time to time, (3) shall only write surplus lines insurance in this state in accordance with the provisions of chapter 701d from a surplus lines broker licensed under § 38a-794, and (4) a domestic surplus lines insurer may write surplus lines insurance in any other jurisdiction in which the insurer is eligible to write surplus lines insurance in accordance with the requirements of that jurisdiction.
(c) Surplus lines insurance written by a domestic surplus lines insurer shall be (1) subject to the tax imposed under § 38a-743, and (2) exempt from the tax imposed under § 12-202.
(d) Surplus lines insurance policies issued by a domestic surplus lines insurer in this state shall not be subject to (1) the protection of the Connecticut Insurance Guaranty Association or the provisions of sections 38a-836 to 38a-853, inclusive, and (2) any requirements relating to rates, rating plans, policy forms, policy cancellation and policy nonrenewal, in the same manner and to the same extent as surplus lines insurance policies issued by a surplus lines insurer domiciled in another state.