Conn. Gen. Stat. § 38a-58b

Current with legislation from the 2024 Regular and Special Sessions.

Section 38a-58b - Definitions

As used in this section and sections 38a-58c to 38a-58g, inclusive:

(1) "Alien insurer" has the same meaning as provided in section 38a-1;

(2) "Authorized control level risk-based capital" means the number determined in accordance with the risk-based capital formula set forth in subsection (d) of section 38a-72 and regulations adopted thereunder;

(3) "Commissioner" means the Insurance Commissioner;

(4) "Domestic insurer" has the same meaning as provided in section 38a-1;

(5) "Domestication" or "domesticate" means the reorganization of a United States branch of an alien insurer, in which a domestic insurer succeeds to all the business and assets and assumes all the liabilities of the United States branch;

(6) "State" has the same meaning as provided in section 38a-1;

(7) "Trusteed assets" means the assets in a trust account established pursuant to section 38a-58d;

(8) "Trusteed surplus" means the aggregate value of the United States branch's general state deposits and trusteed assets deposited in a trust account established pursuant to section 38a-58d plus accrued investment income on such deposits and assets where such interest is collected for trustees by the state, less the aggregate net amount of all of the United States branch's reserves and other liabilities in the United States as determined in accordance with section 38a-58e;

(9) "United States" has the same meaning as provided in section 38a-1;

(10) "United States branch" means the business unit in this state through which an alien insurer transacts the business of insurance in the United States.

Conn. Gen. Stat. § 38a-58b

( P.A. 14-123, S. 16.)

Added by P.A. 14-0123, S. 16 of the Connecticut Acts of the 2014 Regular Session, eff. 6/6/2014.