Sec. 38a-288. (Formerly Sec. 38-33). Insurance sold in connection with installment contracts and loans.
Sec. 38a-288. (Formerly Sec. 38-33). Insurance sold in connection with installment contracts and loans. The commissioner shall make regulations governing insurance on personal property sold under installment or deferred payment contracts or on
personal property pledged as security for a loan and governing any other insurance
sold in connection with such installment or deferred payment contracts or loans. Such
regulations may prescribe (a) the form of notice and policy to be furnished the purchaser
or borrower and the prominence with which any exceptions, restrictions or limitations
shall appear in such notice or policy, (b) the records to be maintained by insurance
companies, (c) the manner in which single-interest and dual-interest insurance coverage
may be used when written at the expense of the purchaser or borrower, (d) the right of
the purchaser or borrower to notice of any change in his insurance coverage and to
dividends and unearned premiums thereon and (e) the manner in which premiums on
such policies and losses or claims thereunder shall be paid or adjusted.
(1953, S. 2798d; 1957, P.A. 131, S. 1; P.A. 88-69.)
History: P.A. 88-69 permitted the insurance commissioner to regulate the manner in which dual-interest insurance
coverage may be used when written at the expense of the purchaser or borrower; Sec. 38-33 transferred to Sec. 38a-288
in 1991.
Annotation to former section 38-33:
Under department regulations, section 38-33-5, there shall be no subrogation on any single interest policies. 2 Conn.
Cir. Ct. 333.