Sec. 38a-50. (Formerly Sec. 38-52). Fraternal, foreign and alien life insurers to reimburse state for costs of valuation.
Sec. 38a-50. (Formerly Sec. 38-52). Fraternal, foreign and alien life insurers
to reimburse state for costs of valuation. All fraternal benefit societies and all foreign
and alien life insurance companies and other foreign and alien life insurers whose policy
or contract reserves are valued by the Insurance Commissioner shall annually reimburse
the state for the costs of such valuations. The total cost of all valuations during the fiscal
year, including supervision and other overhead, shall be one hundred and thirty-five per
cent of the total salaries paid to the valuation personnel of the Insurance Department
engaged in valuing such policy and contract reserves less any salary reimbursements.
The commissioner shall apportion such total cost of valuations for the fiscal year among
such life insurance companies and other life insurers whose policy or contract reserves
are valued during such fiscal year on the basis of time involved in the several valuations
and shall assess such fraternal benefit societies, foreign and alien insurance companies
and other foreign and alien entities for their respective apportionments of the total cost.
Such assessments shall be in addition to any other taxes and fees otherwise payable to
the state.
(1953, S. 2809d; 1959, P.A. 687, S. 2; P.A. 75-290, S. 2; P.A. 77-614, S. 163, 587, 610; P.A. 78-303, S. 85, 136; P.A.
80-482, S. 278, 345, 348; P.A. 90-243, S. 19.)
History: 1959 act increased the cost of valuations to 135% of salaries and added the provision for charges in punchcard
machine rentals; P.A. 75-290 made provisions applicable to all insurance companies and other life insurers where previously
applicable to "domestic" companies and other insurers; P.A. 77-614 and 78-303 placed insurance commissioner within
the department of business regulation and made insurance department a division within that department, effective January
1, 1979; P.A. 80-482 restored insurance commissioner and division to prior independent status and abolished the department
of business regulation; P.A. 90-243 inserted references to "foreign" and "alien" insurance companies and deleted the
provision for charges in punchcard machine rentals; Sec. 38-52 transferred to Sec. 38a-50 in 1991.