State Codes and Statutes

Statutes > Connecticut > Title38a > Chap698 > Sec38a-135

      Sec. 38a-135. (Formerly Sec. 38-39g). Registration of insurance holding company members. Content of the registration statement. Termination of the registration statement. Disclaimer of affiliation. Penalty. Exemptions. (a) Every insurance company which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the commissioner on a form prescribed by him. Any insurance company which is subject to registration under this section shall register within fifteen days after it becomes subject to registration, and annually thereafter by June first of each year for the previous calendar year, unless the commissioner, for good cause shown, extends the time for registration, in which case it shall register within such extended time.

      (b) Every insurance company subject to registration shall file a registration statement which shall contain the following current information:

      (1) The capital structure, general financial condition, ownership and management of the insurance company and any person controlling the insurance company;

      (2) The identity and relationship of every member of the insurance holding company system;

      (3) The following agreements in force, and transactions outstanding or which have occurred during the last calendar year between such insurance company and its affiliates: (i) Loans, other investments, or purchases, sales or exchanges of securities of the affiliates by the insurance company or of the insurance company by its affiliates; (ii) purchases, sales or exchanges of assets; (iii) transactions not in the ordinary course of business; (iv) guarantees or undertakings for the benefit of an affiliate which result in an actual contingent exposure of the insurance company's assets to liability, other than insurance contracts entered into in the ordinary course of the insurance company's business; (v) management agreements, service contracts and cost-sharing arrangements; (vi) reinsurance agreements; (vii) dividends and other distributions to securityholders; and (viii) consolidated tax allocation agreements;

      (4) Any pledge of the insurance company's stock, including stock of any subsidiary or controlling affiliate, for a loan made to any member of the insurance holding company system; and

      (5) Other matters concerning transactions between registered insurance companies and any affiliates as may be included from time to time in any registration forms adopted or approved by the commissioner.

      (c) All registration statements shall contain a summary outlining all items in the current registration statement representing changes from the prior registration statement.

      (d) No information need be disclosed on the registration statement filed pursuant to subsection (b) of this section if such information is not material for the purposes of this section. Unless the commissioner by regulation or order provides otherwise, sales, purchases, exchanges, loans or extensions of credit, investments, or guarantees involving one-half of one per cent or less of the insurance company's admitted assets as of the thirty-first day of December next preceding shall not be deemed material for purposes of this section.

      (e) Subject to subsection (b) of section 38a-136, each registered insurance company shall report to the commissioner all dividends and other distributions to securityholders within fifteen business days following the declaration thereof or such other period as the commissioner shall prescribe by regulation.

      (f) Any person within an insurance holding company system subject to registration shall be required to provide complete and accurate information to an insurance company, where such information is reasonably necessary to enable the insurance company to comply with the provisions of sections 38a-129 to 38a-140, inclusive.

      (g) The commissioner shall terminate the registration of any insurance company which demonstrates that it no longer is a member of an insurance holding company system.

      (h) The commissioner may require or allow two or more affiliated insurance companies subject to registration hereunder to file a consolidated registration statement.

      (i) The commissioner may allow an insurance company which is authorized to do business in this state and which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register under subsection (a) of this section and to file all information and materials required to be filed under this section.

      (j) Any person may file with the commissioner a disclaimer of affiliation with any insurance company and any insurance company may file a disclaimer of affiliation with any other person. The disclaimer shall fully disclose all material relationships and bases for affiliation between such person and such insurance company as well as the basis for disclaiming such affiliation. After a disclaimer has been filed, the insurance company shall be relieved of any duty to register or report under this section which may arise out of the insurance company's relationship with such person unless and until the commissioner disallows such disclaimer. The commissioner shall disallow such disclaimer only after furnishing all parties in interest with notice and an opportunity to be heard, and after making specific findings of fact to support such disallowance.

      (k) The failure to file a registration statement or any amendment or addition thereto required by this section within the time specified for such filing shall be a violation of sections 38a-129 to 38a-140, inclusive.

      (l) The commissioner may by regulation or order exempt any insurance company or class of insurance companies from registration under this section if in his judgment registration by such company or class of companies is not necessary to effectuate the purposes of said sections.

      (m) A foreign or alien insurer shall not be required to register pursuant to this section if it is subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in this section and subsections (a), (b), (f) and (g) of section 38a-136 or if it is admitted in the domiciliary jurisdiction of the principal insurer in its holding company system and in said jurisdiction is subject to disclosure requirements and standards adopted by statute or regulation which are substantially similar to those contained in this section and subsections (a), (b), (f) and (g) of section 38a-136. The commissioner may require any authorized insurer which is a member of a holding company system which is not subject to registration under this section to furnish a copy of the registration statement or other information filed by such insurance company with the insurance regulatory authority of its domicile or the domicile of the principal insurer in its holding company system, as the case may be.

      (1969, P.A. 444, S. 7; 1971, P.A. 368, S. 1; P.A. 92-112, S. 18, 35; P.A. 93-239, S. 23.)

      History: 1971 act deleted Subsec. (d)(1) which authorized exemption for company or class of companies "subject to adequate regulation where domiciled or elsewhere" and inserted new Subsec. (e) in its stead; Sec. 38-39g transferred to Sec. 38a-135 in 1991; P.A. 92-112 amended Subsec. (a) to change registration deadline from 90 days to 15 days and to require annual registration, added new Subsec. (b) re filing of registration statement by insurers, added new Subsec. (c) re contents of the registration statements, added new Subsec. (d) re disclosure of information deemed immaterial, added new Subsec. (e) re reporting to the commissioner all dividends and other distributions to securityholders, added new Subsec. (f) requiring those subject to register within the insurance holding company system to provide complete and accurate information to insurance companies where necessary, added new Subsec. (g) re termination of registration if no longer a member of the insurance holding company system, added new Subsec. (h) re consolidated registration statement, added new Subsec. (i) allowing registration on behalf of an affiliate and relettered the remaining Subsecs. accordingly; P.A. 93-239 in Subsec. (m) added reference to relevant Subsecs. of Sec. 38a-136 for statutory consistency.

      Annotation to former section 38-39g:

      Cited. 184 C. 352.

State Codes and Statutes

Statutes > Connecticut > Title38a > Chap698 > Sec38a-135

      Sec. 38a-135. (Formerly Sec. 38-39g). Registration of insurance holding company members. Content of the registration statement. Termination of the registration statement. Disclaimer of affiliation. Penalty. Exemptions. (a) Every insurance company which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the commissioner on a form prescribed by him. Any insurance company which is subject to registration under this section shall register within fifteen days after it becomes subject to registration, and annually thereafter by June first of each year for the previous calendar year, unless the commissioner, for good cause shown, extends the time for registration, in which case it shall register within such extended time.

      (b) Every insurance company subject to registration shall file a registration statement which shall contain the following current information:

      (1) The capital structure, general financial condition, ownership and management of the insurance company and any person controlling the insurance company;

      (2) The identity and relationship of every member of the insurance holding company system;

      (3) The following agreements in force, and transactions outstanding or which have occurred during the last calendar year between such insurance company and its affiliates: (i) Loans, other investments, or purchases, sales or exchanges of securities of the affiliates by the insurance company or of the insurance company by its affiliates; (ii) purchases, sales or exchanges of assets; (iii) transactions not in the ordinary course of business; (iv) guarantees or undertakings for the benefit of an affiliate which result in an actual contingent exposure of the insurance company's assets to liability, other than insurance contracts entered into in the ordinary course of the insurance company's business; (v) management agreements, service contracts and cost-sharing arrangements; (vi) reinsurance agreements; (vii) dividends and other distributions to securityholders; and (viii) consolidated tax allocation agreements;

      (4) Any pledge of the insurance company's stock, including stock of any subsidiary or controlling affiliate, for a loan made to any member of the insurance holding company system; and

      (5) Other matters concerning transactions between registered insurance companies and any affiliates as may be included from time to time in any registration forms adopted or approved by the commissioner.

      (c) All registration statements shall contain a summary outlining all items in the current registration statement representing changes from the prior registration statement.

      (d) No information need be disclosed on the registration statement filed pursuant to subsection (b) of this section if such information is not material for the purposes of this section. Unless the commissioner by regulation or order provides otherwise, sales, purchases, exchanges, loans or extensions of credit, investments, or guarantees involving one-half of one per cent or less of the insurance company's admitted assets as of the thirty-first day of December next preceding shall not be deemed material for purposes of this section.

      (e) Subject to subsection (b) of section 38a-136, each registered insurance company shall report to the commissioner all dividends and other distributions to securityholders within fifteen business days following the declaration thereof or such other period as the commissioner shall prescribe by regulation.

      (f) Any person within an insurance holding company system subject to registration shall be required to provide complete and accurate information to an insurance company, where such information is reasonably necessary to enable the insurance company to comply with the provisions of sections 38a-129 to 38a-140, inclusive.

      (g) The commissioner shall terminate the registration of any insurance company which demonstrates that it no longer is a member of an insurance holding company system.

      (h) The commissioner may require or allow two or more affiliated insurance companies subject to registration hereunder to file a consolidated registration statement.

      (i) The commissioner may allow an insurance company which is authorized to do business in this state and which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register under subsection (a) of this section and to file all information and materials required to be filed under this section.

      (j) Any person may file with the commissioner a disclaimer of affiliation with any insurance company and any insurance company may file a disclaimer of affiliation with any other person. The disclaimer shall fully disclose all material relationships and bases for affiliation between such person and such insurance company as well as the basis for disclaiming such affiliation. After a disclaimer has been filed, the insurance company shall be relieved of any duty to register or report under this section which may arise out of the insurance company's relationship with such person unless and until the commissioner disallows such disclaimer. The commissioner shall disallow such disclaimer only after furnishing all parties in interest with notice and an opportunity to be heard, and after making specific findings of fact to support such disallowance.

      (k) The failure to file a registration statement or any amendment or addition thereto required by this section within the time specified for such filing shall be a violation of sections 38a-129 to 38a-140, inclusive.

      (l) The commissioner may by regulation or order exempt any insurance company or class of insurance companies from registration under this section if in his judgment registration by such company or class of companies is not necessary to effectuate the purposes of said sections.

      (m) A foreign or alien insurer shall not be required to register pursuant to this section if it is subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in this section and subsections (a), (b), (f) and (g) of section 38a-136 or if it is admitted in the domiciliary jurisdiction of the principal insurer in its holding company system and in said jurisdiction is subject to disclosure requirements and standards adopted by statute or regulation which are substantially similar to those contained in this section and subsections (a), (b), (f) and (g) of section 38a-136. The commissioner may require any authorized insurer which is a member of a holding company system which is not subject to registration under this section to furnish a copy of the registration statement or other information filed by such insurance company with the insurance regulatory authority of its domicile or the domicile of the principal insurer in its holding company system, as the case may be.

      (1969, P.A. 444, S. 7; 1971, P.A. 368, S. 1; P.A. 92-112, S. 18, 35; P.A. 93-239, S. 23.)

      History: 1971 act deleted Subsec. (d)(1) which authorized exemption for company or class of companies "subject to adequate regulation where domiciled or elsewhere" and inserted new Subsec. (e) in its stead; Sec. 38-39g transferred to Sec. 38a-135 in 1991; P.A. 92-112 amended Subsec. (a) to change registration deadline from 90 days to 15 days and to require annual registration, added new Subsec. (b) re filing of registration statement by insurers, added new Subsec. (c) re contents of the registration statements, added new Subsec. (d) re disclosure of information deemed immaterial, added new Subsec. (e) re reporting to the commissioner all dividends and other distributions to securityholders, added new Subsec. (f) requiring those subject to register within the insurance holding company system to provide complete and accurate information to insurance companies where necessary, added new Subsec. (g) re termination of registration if no longer a member of the insurance holding company system, added new Subsec. (h) re consolidated registration statement, added new Subsec. (i) allowing registration on behalf of an affiliate and relettered the remaining Subsecs. accordingly; P.A. 93-239 in Subsec. (m) added reference to relevant Subsecs. of Sec. 38a-136 for statutory consistency.

      Annotation to former section 38-39g:

      Cited. 184 C. 352.


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State Codes and Statutes

Statutes > Connecticut > Title38a > Chap698 > Sec38a-135

      Sec. 38a-135. (Formerly Sec. 38-39g). Registration of insurance holding company members. Content of the registration statement. Termination of the registration statement. Disclaimer of affiliation. Penalty. Exemptions. (a) Every insurance company which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the commissioner on a form prescribed by him. Any insurance company which is subject to registration under this section shall register within fifteen days after it becomes subject to registration, and annually thereafter by June first of each year for the previous calendar year, unless the commissioner, for good cause shown, extends the time for registration, in which case it shall register within such extended time.

      (b) Every insurance company subject to registration shall file a registration statement which shall contain the following current information:

      (1) The capital structure, general financial condition, ownership and management of the insurance company and any person controlling the insurance company;

      (2) The identity and relationship of every member of the insurance holding company system;

      (3) The following agreements in force, and transactions outstanding or which have occurred during the last calendar year between such insurance company and its affiliates: (i) Loans, other investments, or purchases, sales or exchanges of securities of the affiliates by the insurance company or of the insurance company by its affiliates; (ii) purchases, sales or exchanges of assets; (iii) transactions not in the ordinary course of business; (iv) guarantees or undertakings for the benefit of an affiliate which result in an actual contingent exposure of the insurance company's assets to liability, other than insurance contracts entered into in the ordinary course of the insurance company's business; (v) management agreements, service contracts and cost-sharing arrangements; (vi) reinsurance agreements; (vii) dividends and other distributions to securityholders; and (viii) consolidated tax allocation agreements;

      (4) Any pledge of the insurance company's stock, including stock of any subsidiary or controlling affiliate, for a loan made to any member of the insurance holding company system; and

      (5) Other matters concerning transactions between registered insurance companies and any affiliates as may be included from time to time in any registration forms adopted or approved by the commissioner.

      (c) All registration statements shall contain a summary outlining all items in the current registration statement representing changes from the prior registration statement.

      (d) No information need be disclosed on the registration statement filed pursuant to subsection (b) of this section if such information is not material for the purposes of this section. Unless the commissioner by regulation or order provides otherwise, sales, purchases, exchanges, loans or extensions of credit, investments, or guarantees involving one-half of one per cent or less of the insurance company's admitted assets as of the thirty-first day of December next preceding shall not be deemed material for purposes of this section.

      (e) Subject to subsection (b) of section 38a-136, each registered insurance company shall report to the commissioner all dividends and other distributions to securityholders within fifteen business days following the declaration thereof or such other period as the commissioner shall prescribe by regulation.

      (f) Any person within an insurance holding company system subject to registration shall be required to provide complete and accurate information to an insurance company, where such information is reasonably necessary to enable the insurance company to comply with the provisions of sections 38a-129 to 38a-140, inclusive.

      (g) The commissioner shall terminate the registration of any insurance company which demonstrates that it no longer is a member of an insurance holding company system.

      (h) The commissioner may require or allow two or more affiliated insurance companies subject to registration hereunder to file a consolidated registration statement.

      (i) The commissioner may allow an insurance company which is authorized to do business in this state and which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register under subsection (a) of this section and to file all information and materials required to be filed under this section.

      (j) Any person may file with the commissioner a disclaimer of affiliation with any insurance company and any insurance company may file a disclaimer of affiliation with any other person. The disclaimer shall fully disclose all material relationships and bases for affiliation between such person and such insurance company as well as the basis for disclaiming such affiliation. After a disclaimer has been filed, the insurance company shall be relieved of any duty to register or report under this section which may arise out of the insurance company's relationship with such person unless and until the commissioner disallows such disclaimer. The commissioner shall disallow such disclaimer only after furnishing all parties in interest with notice and an opportunity to be heard, and after making specific findings of fact to support such disallowance.

      (k) The failure to file a registration statement or any amendment or addition thereto required by this section within the time specified for such filing shall be a violation of sections 38a-129 to 38a-140, inclusive.

      (l) The commissioner may by regulation or order exempt any insurance company or class of insurance companies from registration under this section if in his judgment registration by such company or class of companies is not necessary to effectuate the purposes of said sections.

      (m) A foreign or alien insurer shall not be required to register pursuant to this section if it is subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in this section and subsections (a), (b), (f) and (g) of section 38a-136 or if it is admitted in the domiciliary jurisdiction of the principal insurer in its holding company system and in said jurisdiction is subject to disclosure requirements and standards adopted by statute or regulation which are substantially similar to those contained in this section and subsections (a), (b), (f) and (g) of section 38a-136. The commissioner may require any authorized insurer which is a member of a holding company system which is not subject to registration under this section to furnish a copy of the registration statement or other information filed by such insurance company with the insurance regulatory authority of its domicile or the domicile of the principal insurer in its holding company system, as the case may be.

      (1969, P.A. 444, S. 7; 1971, P.A. 368, S. 1; P.A. 92-112, S. 18, 35; P.A. 93-239, S. 23.)

      History: 1971 act deleted Subsec. (d)(1) which authorized exemption for company or class of companies "subject to adequate regulation where domiciled or elsewhere" and inserted new Subsec. (e) in its stead; Sec. 38-39g transferred to Sec. 38a-135 in 1991; P.A. 92-112 amended Subsec. (a) to change registration deadline from 90 days to 15 days and to require annual registration, added new Subsec. (b) re filing of registration statement by insurers, added new Subsec. (c) re contents of the registration statements, added new Subsec. (d) re disclosure of information deemed immaterial, added new Subsec. (e) re reporting to the commissioner all dividends and other distributions to securityholders, added new Subsec. (f) requiring those subject to register within the insurance holding company system to provide complete and accurate information to insurance companies where necessary, added new Subsec. (g) re termination of registration if no longer a member of the insurance holding company system, added new Subsec. (h) re consolidated registration statement, added new Subsec. (i) allowing registration on behalf of an affiliate and relettered the remaining Subsecs. accordingly; P.A. 93-239 in Subsec. (m) added reference to relevant Subsecs. of Sec. 38a-136 for statutory consistency.

      Annotation to former section 38-39g:

      Cited. 184 C. 352.


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