State Codes and Statutes

Statutes > Connecticut > Title38a > Chap698 > Sec38a-91aa

      Sec. 38a-91aa. Definitions. As used in sections 38a-91aa to 38a-91qq, inclusive:

      (1) "Affiliated company" means any company in the same corporate system as a parent, an industrial insured or a member organization by virtue of common ownership, control, operation or management.

      (2) "Association" means any legal association of individuals, corporations, limited liability companies, partnerships, associations or other entities that has been in continuous existence for at least one year, where the association itself or some or all of the member organizations:

      (A) Own, control or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer;

      (B) Have complete voting control over an association captive insurance company incorporated as a mutual insurer; or

      (C) Constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer.

      (3) "Association captive insurance company" means any company that insures risks of the member organizations of the association and their affiliated companies.

      (4) "Captive insurance company" means any pure captive insurance company, association captive insurance company, industrial insured captive insurance company or risk retention group that is domiciled in this state and formed or licensed under the provisions of sections 38a-91aa to 38a-91qq, inclusive.

      (5) "Commissioner" means the Insurance Commissioner.

      (6) "Controlled unaffiliated business" means any company:

      (A) That is not in the corporate system of a parent and affiliated companies;

      (B) That has an existing contractual relationship with a parent or affiliated company; and

      (C) Whose risks are insured by a pure captive insurance company in accordance with section 38a-91qq.

      (7) "Excess workers' compensation insurance" means, in the case of an employer that has insured or self-insured its workers' compensation risks in accordance with applicable state or federal law, insurance in excess of a specified per-incident or aggregate limit established by the commissioner.

      (8) "Industrial insured" means an insured:

      (A) Who procures the insurance of any risk or risks by use of the services of a full-time employee acting as an insurance manager or buyer;

      (B) Whose aggregate annual premiums for insurance on all risks total at least twenty-five thousand dollars; and

      (C) Who has at least twenty-five full-time employees.

      (9) "Industrial insured captive insurance company" means any company that insures risks of the industrial insureds that comprise the industrial insured group and their affiliated companies.

      (10) "Industrial insured group" means any group of industrial insureds that collectively:

      (A) Own, control or hold with power to vote all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer;

      (B) Have complete voting control over an industrial insured captive insurance company incorporated as a mutual insurer; or

      (C) Constitute all of the subscribers of an industrial insured captive insurance company formed as a reciprocal insurer.

      (11) "Member organization" means any individual, corporation, limited liability company, partnership, association or other entity that belongs to an association.

      (12) "Mutual corporation" means a corporation organized without stockholders and includes a nonprofit corporation with members.

      (13) "Parent" means a corporation, limited liability company, partnership, other entity or individual that directly or indirectly owns, controls or holds with power to vote more than fifty per cent of the outstanding voting:

      (A) Securities of a pure captive insurance company organized as a stock corporation; or

      (B) Membership interests of a pure captive insurance company organized as a nonprofit corporation.

      (14) "Pure captive insurance company" means any company that insures risks of its parent and affiliated companies or controlled unaffiliated business.

      (15) "Risk retention group" means a captive insurance company organized under the laws of this state pursuant to the federal Liability Risk Retention Act of 1986, 15 USC 3901 et seq., as amended from time to time, as a stock or mutual corporation, a reciprocal or other limited liability entity.

      (P.A. 08-127, S. 1.)

      History: P.A. 08-127 effective January 1, 2009.

      See Sec. 38a-226a(b) re use of utilization review license fees to implement provisions of Secs. 38a-91aa to 38a-91qq, inclusive.