Sec. 38a-53. (Formerly Sec. 38-24). Requirements re filing of annual reports and financial statements by company. Late filing fee.
Sec. 38a-53. (Formerly Sec. 38-24). Requirements re filing of annual reports
and financial statements by company. Late filing fee. (a)(1) Each domestic insurance
company or health care center shall, annually, on or before the first day of March,
submit to the commissioner, and electronically to the National Association of Insurance
Commissioners, a true and complete report, signed and sworn to by its president or a
vice president, and secretary or an assistant secretary, of its financial condition on the
thirty-first day of December next preceding, prepared in accordance with the National
Association of Insurance Commissioners annual statement instructions handbook and
following those accounting procedures and practices prescribed by the National Association of Insurance Commissioners accounting practices and procedures manual, subject
to any deviations in form and detail as may be prescribed by the commissioner. An
electronically filed report in accordance with section 38a-53a that is timely submitted
to the National Association of Insurance Commissioners does not exempt a domestic
insurance company or health care center from timely filing a true and complete paper
copy with the commissioner.
(2) Each accredited reinsurer, as defined in subsection (c) of section 38a-85, and
assuming insurance company, as provided in section 38a-85, shall file an annual report
in accordance with the provisions of section 38a-85.
(b) Each foreign insurance company doing business in this state shall, annually, on
or before the first day of March, submit to the commissioner, by electronically filing
with the National Association of Insurance Commissioners, a true and complete report,
signed and sworn to by its president or a vice president, and secretary or an assistant
secretary, of its financial condition on the thirty-first day of December next preceding,
prepared in accordance with the National Association of Insurance Commissioners annual statement instructions handbook and following those accounting procedures and
practices prescribed by the National Association of Insurance Commissioners accounting practices and procedures manual, subject to any deviations in form and detail as
may be prescribed by the commissioner. An electronically filed report in accordance
with section 38a-53a that is timely submitted to the National Association of Commissioners is deemed to have been submitted to the commissioner in accordance with this
section.
(c) In addition to such annual report, the commissioner, when he deems it necessary,
may require any insurance company or health care center doing business in this state
to file financial statements on a quarterly basis. An electronically filed true and complete
report filed in accordance with section 38a-53a that is timely filed with the National
Association of Insurance Commissioners shall be deemed to have been submitted to the
commissioner in accordance with the provisions of this section.
(d) In addition to such annual report and the quarterly report required under subsection (c) of this section, the commissioner, whenever the commissioner determines that
more frequent reports are required because of certain factors or trends affecting companies writing a particular class or classes of business or because of changes in the company's management or financial or operating condition, may require any insurance company or health care center doing business in this state to file financial statements on
other than an annual or quarterly basis.
(e) Any insurance company or health care center doing business in this state which
fails to file any report or statement required under this section shall pay a late filing fee
of one hundred seventy-five dollars per day for each day from the due date of such report
or statement to the date of filing.
(f) Each insurance company or health care center doing business in this state shall
include in all reports required to be filed with the commissioner under this section a
certification by an actuary or reserve specialist of all reserve liabilities prepared in accordance with regulations which shall be adopted by the commissioner in accordance
with chapter 54. The regulations shall: (1) Specify the contents and scope of the certification; (2) provide for the availability to the commissioner of the workpapers of the actuary
or loss reserve specialist; and (3) provide for granting companies or centers exemptions
from compliance with the requirements of this subsection. The commissioner shall maintain, as confidential, all workpapers of the actuary or loss reserve specialist and the
actuarial report and actuarial opinion summary provided in support of the certification.
Such workpapers, reports and summaries shall not be subject to subpoena or disclosure
under the Freedom of Information Act, as defined in section 1-200.
(1949 Rev., S. 6077; P.A. 76-167, S. 1; P.A. 88-326, S. 2; P.A. 90-243, S. 9; P.A. 92-112, S. 3; P.A. 05-29, S. 3; P.A.
06-117, S. 1; P.A. 07-54, S. 1; 07-225, S. 1; P.A. 08-147, S. 3; 08-178, S. 4.)
History: P.A. 76-167 added Subsecs. (b) and (c) re quarterly financial reports and other reports; P.A. 88-326 added a
new Subsec. (d) imposing a late filing fee of $100 per day; P.A. 90-243 added references to health care centers re filing
of financial statements with the commissioner and added Subsec. (e) re certification of the disclosure of reserve liabilities;
Sec. 38-24 transferred to Sec. 38a-53 in 1991; P.A. 92-112 amended Subsec. (a) to require that reports be filed in accordance
with standards set by the National Association of Insurance Commissioners; P.A. 05-29 made technical changes in Subsec.
(c); P.A. 06-117 amended Subsec. (e) to require commissioner to maintain, as confidential, all workpapers of actuary or
loss reserve specialist and actuarial report and opinion summary provided in support of certification and to provide that
such documents shall not be subject to subpoena or disclosure under the Freedom of Information Act; P.A. 07-54 made
technical changes in Subsec. (e)(3), effective May 22, 2007; P.A. 07-225 amended Subsec. (a) to limit its application to
domestic insurance companies, to require such companies to "submit", in lieu of "render", a true and complete report of
financial condition electronically to National Association of Insurance Commissioners and to require such companies to
timely file a true and complete paper copy of such report with commissioner, inserted new Subsec. (b) requiring foreign
insurance companies to submit report of financial condition in same manner as specified in Subsec. (a), except for submission of paper copies to commissioner, redesignated existing Subsecs. (b) to (e) as Subsecs. (c) to (f), and amended redesignated Subsec. (c) to require that electronically filed true and complete report filed in accordance with Sec. 38a-53a that is
timely filed with National Association of Insurance Commissioners be deemed to have been submitted to commissioner
in accordance with the provisions of section; P.A. 08-147 amended Subsec. (a) by designating existing provisions as
Subdiv. (1) and adding Subdiv. (2) re filing requirements for accredited reinsurers and assuming insurance companies;
P.A. 08-178 increased per day late filing fee from $100 to $175 in Subsec. (e).
Annotations to former section 38-24:
Unpaid stock subscription notes form part of the assets of a company. 65 C. 471. Cited. 113 C. 18.