2019 Connecticut General Statutes
Title 38a - Insurance
Chapter 704c - Insurers Rehabilitation and Liquidation Act and Termination of Domestic Life Insurance Companies
Section 38a-925 - (Formerly Sec. 38-443). Duties of agents. Penalty.
(a) Each person who receives notice in the form prescribed in section 38a-924 that an insurer such person represents as an agent is the subject of a liquidation order shall, within thirty days of such notice, provide to the liquidator, in addition to the information the agent may be required to provide pursuant to section 38a-908, the information in the agent's records related to any policy issued by the insurer through the agent, and if the agent is a general agent, the information in the general agent's records related to any policy issued by the insurer through an agent under contract to the general agent, including the name and address of such subagent. A policy shall be deemed issued through an agent if the agent has a property interest in the expiration of the policy, or if the agent has had in the agent's possession a copy of the declarations of the policy at any time during the life of the policy, except where the ownership of the expiration of the policy has been transferred to another.
(b) Any agent who fails to provide information to the liquidator as required in subsection (a) of this section may be subject to a penalty of not more than two thousand five hundred dollars and may have such agent's license suspended, said penalty to be imposed after a hearing held by the commissioner.
(P.A. 79-382, S. 23; P.A. 92-93, S. 18; P.A. 08-178, S. 47; P.A. 18-158, S. 10.)
History: Sec. 38-443 transferred to Sec. 38a-925 in 1991; P.A. 92-93 amended Subsec. (a) to increase the number of days to respond to notice of liquidation from 15 days to 30 days and to make additional provision for policy information and deleted Subsec. (c) which had authorized liquidator to waive notification duties; P.A. 08-178 amended Subsec. (b) by making a technical change and increasing maximum penalty from $1,000 to $2,500; P.A. 18-158 amended Subsec. (a) by deleting provisions re written notice, satisfaction of the notice requirement by general agent, and report of compliance to be filed with liquidators, amended Subsec. (b) by substituting “who fails to provide information to the liquidator” for “failing to give notice or file a report of compliance”, and made technical changes.
