Sec. 38a-445. (Formerly Sec. 38-160). Deferring the granting of loans and surrender values.
Sec. 38a-445. (Formerly Sec. 38-160). Deferring the granting of loans and surrender values. No policy of life or endowment insurance shall be issued or delivered
in this state unless it contains a provision that the company may, at its option, defer the
granting of any loan other than to pay premiums on policies in the company, and may,
at its option, defer the granting of any surrender value for a period which shall be stated
in such provision and which shall be not less than sixty days from the date of the application for such loan or surrender value; provided a foreign or alien insurance company
may issue in this state any policy containing provisions required by the laws of its own
state or country respecting the deferring of loans or granting surrender values, and a
domestic insurance company may issue in other states policies which contain provisions
relating to the deferring of loans or granting surrender values required by the laws of
such states.
(1949 Rev., S. 6169; P.A. 90-243, S. 64.)
History: P.A. 90-243 substituted "foreign" for "nonresident" insurance companies and "alien" for "foreign" insurance
companies; Sec. 38-160 transferred to Sec. 38a-445 in 1991.