Sec. 38a-74. (Formerly Sec. 38-94). Estimation of trusteed surplus. - Connecticut Statutes

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Statutes > Connecticut > Title38a > Chap698 > Sec38a-74

      Sec. 38a-74. (Formerly Sec. 38-94). Estimation of trusteed surplus. The trusteed surplus of each alien insurance company transacting or desiring to transact business in this state shall, for all the purposes of the insurance laws of this state, be the aggregate value of its money or securities deposited as provided in section 38a-72, and all sums loaned on real estate security in any state in the United States in conformity with the laws of such state providing for the investment of the assets of insurance companies therein, and all other assets in the United States in which similar domestic insurance companies may invest; provided such real estate securities and assets shall be held in the United States by trustees who are citizens of the United States, approved by the commissioner, for the benefit of all the policyholders and creditors of such company in the United States, after making the same deduction from such aggregate value for losses and liabilities in the United States, and for premiums upon risks therein not expired, as is authorized or required by the laws of this state, or by the regulations of the commissioner, with respect to similar domestic insurance companies.

      (1949 Rev., S. 6100; 1951, S. 2825d; P.A. 90-243, S. 48.)

      History: P.A. 90-243 substituted "alien" for "foreign" insurance company; Sec. 38-94 transferred to Sec. 38a-74 in 1991.

State Codes and Statutes

Statutes > Connecticut > Title38a > Chap698 > Sec38a-74

      Sec. 38a-74. (Formerly Sec. 38-94). Estimation of trusteed surplus. The trusteed surplus of each alien insurance company transacting or desiring to transact business in this state shall, for all the purposes of the insurance laws of this state, be the aggregate value of its money or securities deposited as provided in section 38a-72, and all sums loaned on real estate security in any state in the United States in conformity with the laws of such state providing for the investment of the assets of insurance companies therein, and all other assets in the United States in which similar domestic insurance companies may invest; provided such real estate securities and assets shall be held in the United States by trustees who are citizens of the United States, approved by the commissioner, for the benefit of all the policyholders and creditors of such company in the United States, after making the same deduction from such aggregate value for losses and liabilities in the United States, and for premiums upon risks therein not expired, as is authorized or required by the laws of this state, or by the regulations of the commissioner, with respect to similar domestic insurance companies.

      (1949 Rev., S. 6100; 1951, S. 2825d; P.A. 90-243, S. 48.)

      History: P.A. 90-243 substituted "alien" for "foreign" insurance company; Sec. 38-94 transferred to Sec. 38a-74 in 1991.

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State Codes and Statutes

Statutes > Connecticut > Title38a > Chap698 > Sec38a-74

      Sec. 38a-74. (Formerly Sec. 38-94). Estimation of trusteed surplus. The trusteed surplus of each alien insurance company transacting or desiring to transact business in this state shall, for all the purposes of the insurance laws of this state, be the aggregate value of its money or securities deposited as provided in section 38a-72, and all sums loaned on real estate security in any state in the United States in conformity with the laws of such state providing for the investment of the assets of insurance companies therein, and all other assets in the United States in which similar domestic insurance companies may invest; provided such real estate securities and assets shall be held in the United States by trustees who are citizens of the United States, approved by the commissioner, for the benefit of all the policyholders and creditors of such company in the United States, after making the same deduction from such aggregate value for losses and liabilities in the United States, and for premiums upon risks therein not expired, as is authorized or required by the laws of this state, or by the regulations of the commissioner, with respect to similar domestic insurance companies.

      (1949 Rev., S. 6100; 1951, S. 2825d; P.A. 90-243, S. 48.)

      History: P.A. 90-243 substituted "alien" for "foreign" insurance company; Sec. 38-94 transferred to Sec. 38a-74 in 1991.