Sec. 38a-882. Level of guaranty fund. Credits to General Fund. Assessment of additional fee.
Sec. 38a-882. Level of guaranty fund. Credits to General Fund. Assessment of
additional fee. (a) The Insurance Department shall maintain the Brokered Transactions
Guaranty Fund at a level not to exceed five hundred thousand dollars and to this intent
moneys received under section 38a-881 shall be credited to such guaranty fund whenever
the fund balance is below five hundred thousand dollars and any such moneys may be
invested or reinvested in the same manner as funds of the state employees retirement
system, and the interest arising from such investments shall be credited to the General
Fund. Any moneys received under section 38a-881 not required to maintain such guaranty fund balance shall be deposited to the General Fund. All moneys in such guaranty
fund in excess of five hundred thousand dollars shall be transferred by the Treasurer to
the General Fund.
(b) If, at any time, the amount deposited in the Brokered Transactions Guaranty
Fund is under one hundred thousand dollars, the department, in its discretion, may assess
all persons licensed as insurance producers a fee not to exceed ten dollars which shall
be credited to said guaranty fund.
(P.A. 89-106, S. 3; P.A. 96-193, S. 26, 36; P.A. 98-27, S. 9.)
History: P.A. 96-193 amended Subsec. (b) to substitute "producer" for "agent" and "broker", effective June 3, 1996;
P.A. 98-27 amended Subsec. (b) to substitute "said" for "such".