Sec. 38a-102b. Definitions.
Sec. 38a-102b. Definitions. For the purposes of sections 38a-102 to 38a-102h,
inclusive:
(a) "Exempted country" means a foreign jurisdiction rated in one of the two highest
rating categories by an independent, nationally recognized United States rating agency.
(b) "Foreign obligations and investments" with respect to any single country means
the obligations of the government of such country and political subdivisions, agencies
and instrumentalities thereof together with obligations of and investments in entities
created under the laws of that country, or a political subdivision thereof, and real estate
and other tangible assets located in that country. Obligations issued, assumed or guaranteed by any institution created under the laws of the United States or any state thereof
are not foreign obligations and investments.
(c) "High yield obligations" means obligations which are not rated as investment
grade by any nationally recognized United States rating agency or the National Association of Insurance Commissioners.
(d) "Institution" includes business trusts, corporations, joint stock associations,
partnerships and other legal entities organized under the laws of the United States, or
any state or territory of the United States, but it shall not include agencies, authorities,
or instrumentalities of or entities sponsored by the United States, its possessions or
territories.
(e) "Insurance company" shall have the meaning as set forth in section 38a-1 and
shall include fraternal benefit societies as defined in section 38a-595 and health care
centers as defined in section 38a-175, but it shall not include agencies, authorities or
instrumentalities of the United States, its possessions and territories, the Commonwealth
of Puerto Rico, the District of Columbia or a state or political subdivision of a state.
(f) "Nonadmitted investment assets" means nonadmitted assets excluding real and
personal property used in insurance business operations.
(g) "Obligations" includes bonds, debentures, notes and other evidences of indebtedness.
(h) "Subsidiary" or "subsidiaries" shall have the same meaning as set forth in section
38a-1 but the term "controlled by", as used in said section, shall have the same meaning
as set forth in section 38a-129, provided, however, that for purposes of sections 38a-102 to 38a-102h, inclusive, a person may rebut the presumption of control used to define
a subsidiary by written notice to the commissioner of its intent to disavow control notwithstanding the direct or indirect ownership, control or holding with the power to vote,
or holding of proxies representing ten per cent or more but less than a majority of the
voting securities or voting power of any other person. Control shall be conclusively
presumed to exist under said sections if any person, directly or indirectly owns, controls,
holds with the power to vote, or holds proxies representing over fifty per cent of the
voting securities or voting power of any other person.
(P.A. 91-262, S. 3, 19; P.A. 95-168, S. 3.)
History: P.A. 95-168 amended Subsec. (h) by making technical clarifications re use of term "controlled by" in "subsidiary or subsidiaries" definition.