Sec. 38a-435. (Formerly Sec. 38-147a). Regulations re replacement of or borrowing on life insurance products, policies or contracts.
Sec. 38a-435. (Formerly Sec. 38-147a). Regulations re replacement of or borrowing on life insurance products, policies or contracts. The Insurance Commissioner may make regulations governing the sale or offer of sale of life insurance products,
including annuities, when such sale or offer involves the replacement of existing policies
or contracts or the borrowing on or lapsing of such existing policies or contracts. Such
regulations may prescribe (a) the form in which such offer or proposal should be made;
(b) the form of notice to the insurance companies involved; (c) the questions to be
contained in application forms for life insurance products pertaining to existing insurance; and (d) the form of notice to the purchaser. The commissioner may suspend or
revoke the license of any insurance producer violating any such regulation.
(1963, P.A. 554; P.A. 77-614, S. 163, 610; P.A. 80-482, S. 296, 348; P.A. 94-39, S. 3; P.A. 96-193, S. 12, 36.)
History: P.A. 77-614 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; Sec. 38-147a transferred to
Sec. 38a-435 in 1991; P.A. 94-39 made references to life insurance products including annuities and added reference to
"life insurance contracts"; P.A. 96-193 substituted "producer" for "agent or broker", effective June 3, 1996.