Sec. 38a-300. (Formerly Sec. 38-68x). Exemptions.
Sec. 38a-300. (Formerly Sec. 38-68x). Exemptions. (a) No provision of sections
38a-295 to 38a-300, inclusive, shall be construed to increase the risk assumed by any
company or insurer under policies delivered or issued for delivery by such company or
insurer or to supersede the obligation of such company or insurer to comply with the
provisions of any law of this state applicable to such policies.
(b) No other law of this state which establishes standards for readable language
shall apply to any policy form covered under the provisions of sections 38a-295 to 38a-300, inclusive.
(c) The provisions of sections 38a-295 to 38a-300, inclusive, shall not apply to: (1)
Any policy which is a security subject to federal jurisdiction; (2) any group policy
covering a group of fifty or more lives at date of issue, other than a group credit life
insurance policy or a group credit health insurance policy, except this shall not exempt
any certificate issued pursuant to a group policy delivered or issued for delivery in this
state; (3) any group annuity contract which serves as a funding vehicle for pension,
profit sharing or deferred compensation plans; (4) any form used in connection with a
policy delivered or issued for delivery on a policy form which has been authorized for
issuance by the commissioner prior to October 1, 1979, as to such policy form, except
this shall not exempt any group policy or certificate issued thereunder unless the holders
of such certificates are entitled to receive a summary plan description pursuant to the
terms of the Federal Employee Retirement Income Security Act of 1974; (5) the renewal
of an annuity or an individual life or health insurance policy delivered or issued for
delivery prior to the date any such form must be approved by the commissioner as
readable.
(P.A. 79-300, S. 6.)
History: Sec. 38-68x transferred to Sec. 38a-300 in 1991.