Sec. 32-537. Confidentiality. Compliance by exempt companies with code of conduct.
Sec. 32-537. Confidentiality. Compliance by exempt companies with code of
conduct. Notwithstanding any provision of sections 32-530 to 32-540, inclusive, the
identity of customers and policyholders of the exempt company, and the owners of an
exempt mutual fund investment company shall be kept strictly confidential and shall
enjoy the same confidentiality they would otherwise enjoy if the exempt company was
located and organized outside of the United States and its exempt activities were being
conducted from offices located outside of the United States. Exempt companies shall
be automatically deemed to have adopted the "Code of Conduct for Financial Institutions
to Assist in the Detection and Disclosure of Information with Respect to the Criminal
Use of the Systems Operated by Financial Institutions (Money Laundering)" and the
Banking Commissioner, Insurance Commissioner or Commissioner of Revenue Services may determine, through examination, an exempt company's compliance with such
code. Repeated failure to comply with the code, after notice and a hearing, shall be
grounds for revocation of exempt company status. Any revocation shall take effect from
the date of revocation and shall not be retroactive.
(P.A. 96-253, S. 8, 12; P.A. 03-84, S. 21.)
History: P.A. 96-253 effective July 1, 1996, and applicable to (1) income years of corporations under chapter 208
commencing on or after January 1, 1996, (2) income years of insurance companies under chapter 207 commencing on or
after January 1, 1996, (3) taxable years of taxpayers under chapter 229 commencing on or after January 1, 1996, or (4)
sales occurring on and after January 1, 1996, as the case may be; P.A. 03-84 changed "Commissioner of Banking" to
"Banking Commissioner", effective June 3, 2003.