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CT SB00809
Bill
Status
6/20/2017
Primary Sponsor
Insurance and Real Estate Committee
Click for details
AI Summary
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Authorizes the Insurance Commissioner to adopt regulations establishing additional requirements for reinsurance credits, including valuation of assets, reserve credits, and circumstances for reducing or eliminating credits (effective October 1, 2017)
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Permits regulations for specific insurance products including life insurance with guaranteed nonlevel premiums or benefits, universal life policies with secondary guarantees, variable annuities with guaranteed benefits, and long-term care insurance
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Exempts certain large reinsurers from new regulatory requirements if they maintain at least $250 million in capital and surplus and are licensed in at least 26 states, or licensed in at least 10 states and accredited in at least 35 total states
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Allows regulations to apply retroactively to reinsurance agreements for life insurance policies issued before January 1, 2015, if risk is ceded on or after January 1, 2015
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Updates conforming language in insurance company risk exposure limits to reference reinsurers meeting specific statutory requirements rather than simply being authorized to do business in the state
Legislative Description
An Act Enabling The Insurance Commissioner To Adopt Regulations Concerning Credits For Reinsurance And Making Minor Conforming Changes To Statutes Concerning Reinsurance.
Last Action
Signed by the Governor
6/20/2017