Sec. 38a-73. (Formerly Sec. 38-110). Limitation of risks. - Connecticut Statutes

State Codes and Statutes

Statutes > Connecticut > Title38a > Chap698 > Sec38a-73

      Sec. 38a-73. (Formerly Sec. 38-110). Limitation of risks. No stock insurance company doing business in this state shall expose itself to loss on any one risk to an amount exceeding ten per cent of its paid-up capital and surplus; but, in determining the amount of such risk, no portion thereof which has been reinsured in any insurance company authorized to do business in this state shall be included. No mutual insurance company doing business in this state shall expose itself to loss on any one risk to an amount exceeding ten per cent of its net surplus which limit on any one risk shall, in no case, exceed the amount authorized by the charter, bylaws or board of directors of the company; but, in determining the amount of such risk, no portion thereof which has been reinsured in any insurance company authorized to do business in this state shall be included.

      (1949 Rev., S. 6115; P.A. 90-243, S. 52; P.A. 93-239, S. 18.)

      History: P.A. 90-243 deleted the references to "fire" insurance companies; Sec. 38-110 transferred to Sec. 38a-73 in 1991; P.A. 93-239 deleted references limiting applicability to risks "in this state", and eliminated provision including two and one-half times the amount of the total cash premiums or premium deposits in determining a limitation of risks.

State Codes and Statutes

Statutes > Connecticut > Title38a > Chap698 > Sec38a-73

      Sec. 38a-73. (Formerly Sec. 38-110). Limitation of risks. No stock insurance company doing business in this state shall expose itself to loss on any one risk to an amount exceeding ten per cent of its paid-up capital and surplus; but, in determining the amount of such risk, no portion thereof which has been reinsured in any insurance company authorized to do business in this state shall be included. No mutual insurance company doing business in this state shall expose itself to loss on any one risk to an amount exceeding ten per cent of its net surplus which limit on any one risk shall, in no case, exceed the amount authorized by the charter, bylaws or board of directors of the company; but, in determining the amount of such risk, no portion thereof which has been reinsured in any insurance company authorized to do business in this state shall be included.

      (1949 Rev., S. 6115; P.A. 90-243, S. 52; P.A. 93-239, S. 18.)

      History: P.A. 90-243 deleted the references to "fire" insurance companies; Sec. 38-110 transferred to Sec. 38a-73 in 1991; P.A. 93-239 deleted references limiting applicability to risks "in this state", and eliminated provision including two and one-half times the amount of the total cash premiums or premium deposits in determining a limitation of risks.

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > Connecticut > Title38a > Chap698 > Sec38a-73

      Sec. 38a-73. (Formerly Sec. 38-110). Limitation of risks. No stock insurance company doing business in this state shall expose itself to loss on any one risk to an amount exceeding ten per cent of its paid-up capital and surplus; but, in determining the amount of such risk, no portion thereof which has been reinsured in any insurance company authorized to do business in this state shall be included. No mutual insurance company doing business in this state shall expose itself to loss on any one risk to an amount exceeding ten per cent of its net surplus which limit on any one risk shall, in no case, exceed the amount authorized by the charter, bylaws or board of directors of the company; but, in determining the amount of such risk, no portion thereof which has been reinsured in any insurance company authorized to do business in this state shall be included.

      (1949 Rev., S. 6115; P.A. 90-243, S. 52; P.A. 93-239, S. 18.)

      History: P.A. 90-243 deleted the references to "fire" insurance companies; Sec. 38-110 transferred to Sec. 38a-73 in 1991; P.A. 93-239 deleted references limiting applicability to risks "in this state", and eliminated provision including two and one-half times the amount of the total cash premiums or premium deposits in determining a limitation of risks.