Connecticut General Statutes 38a-651 – Filing of policies, certificates, riders with commissioner. Disapproval
(a) All policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders delivered in this state shall be filed with the commissioner.
Terms Used In Connecticut General Statutes 38a-651
- Commissioner: means the Insurance Commissioner. 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
- Life insurance: means insurance on human lives and insurances pertaining to or connected with human life. 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) The commissioner shall adopt regulations in accordance with the provisions of chapter 54, establishing a procedure for review of such policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders, and shall disapprove any such form at any time if:
(1) The schedule of premium rates charged or to be charged is, by reasonable assumptions and as determined according to benchmark loss ratio calculations, excessive in relation to the benefits provided; or
(2) Such form:
(A) Has a prima facie loss ratio of less than fifty per cent for any single or joint credit life insurance or credit accident and health insurance policy unless the commissioner approves a premium rate deviation for such policy; or
(B) Contains provisions which (i) are unjust, unfair, inequitable, misleading, deceptive, (ii) encourage misrepresentation of the coverage, or (iii) are contrary to any provision of the insurance laws or of any rule or regulation promulgated thereunder.
(c) If the commissioner issues an order disapproving the use of such form, such insurer shall not thereafter issue or use such form. In such notice, the commissioner shall specify the reason for his order of disapproval. The provisions of § 38a-19 shall apply to any such order issued by the commissioner.