CT SB00493

Requires insurance companies issuing group annuity contracts to pension plans in Connecticut to provide written notice to all participants and beneficiaries at least 30 days before the contract's effective date, beginning January 1, 2018

Notice must include descriptions of protections under the annuity contract versus ERISA and the Pension Benefit Guaranty Corporation, Connecticut Life and Health Insurance Guaranty Association coverage details, creditor claim risks, tax treatment changes, detailed contract costs and expenses, and copies of any fairness opinions or solvency analyses

Mandates annual written disclosures to participants and beneficiaries including funding levels relative to liabilities, investment performance summaries and details by asset class, all contract expenses, actuarial assumption changes, and information about public documents filed with the Insurance Department

Prohibits subsequent transfer of annuity contracts unless the transferee maintains an A or better rating from at least two nationally recognized rating agencies

Grants the Insurance Commissioner authority to adopt regulations and impose penalties, fines, or assessments for violations