Sec. 38a-430. (Formerly Sec. 38-135a). Approval of form of life insurance and annuity policies. Optional health insurance riders.
Sec. 38a-430. (Formerly Sec. 38-135a). Approval of form of life insurance and
annuity policies. Optional health insurance riders. (a) No life insurance or annuity
policy or contract shall be delivered or issued for delivery to any person in this state,
nor shall any application, rider or endorsement be used in connection therewith, until a
copy of the form thereof shall have been filed with and approved by the commissioner.
The commissioner shall adopt regulations in accordance with the provisions of chapter
54, establishing a procedure for review of such policies. The commissioner shall issue
an order disapproving the use of any such form at any time if it does not comply with
the requirements of law, or if it contains a provision or provisions which are unfair or
deceptive or which encourage misrepresentation of the policy. The commissioner shall
specify the reason for his disapproval. The provisions of section 38a-19 shall apply to
any such order issued by the commissioner.
(b) Nothing in this chapter shall preclude the issuance of a life insurance contract,
including but not limited to a long-term care policy as provided in section 38a-458, which
includes an optional health insurance rider, provided, the optional health insurance rider
must be filed with and approved by the Insurance Commissioner pursuant to section
38a-481. Any company offering such policies for sale in this state shall be licensed to
sell health insurance in this state pursuant to the provisions of section 38a-41.
(1967, P.A. 528; P.A. 88-326, S. 3; P.A. 96-51, S. 1.)
History: P.A. 88-326 required the commissioner to adopt regulations establishing a procedure for policy review and
rephrased existing provisions; Sec. 38-135a transferred to Sec. 38a-430 in 1991; P.A. 96-51 added Subsec. (b) to permit
optional health insurance riders.