Sec. 38a-887. Payment from guaranty fund.
Sec. 38a-887. Payment from guaranty fund. When the commissioner has caused
to be paid from the Brokered Transactions Guaranty Fund any sum to the aggrieved
person, the department shall be subrogated to all of the rights of the aggrieved person
up to the amount paid, and the aggrieved person shall assign all of his right, title and
interest in the claim. By accepting payment from the guaranty fund the aggrieved person
shall agree to cooperate with the department in any action it takes against the licensed
insurance producer or unlicensed person acting as a producer engaged in the business
of insurance. Any amount and interest recovered by the department shall be deposited
to said guaranty fund.
(P.A. 89-106, S. 8; P.A. 93-236, S. 5; P.A. 96-193, S. 29, 36; P.A. 98-27, S. 4.)
History: P.A. 93-236 substituted "commissioner" for "department" and "aggrieved person" for "judgment creditor"
and clarified the procedures in accepting payment from the guaranty fund; P.A. 96-193 substituted "producer" for "agent"
and "broker", effective June 3, 1996; P.A. 98-27 substituted "the Brokered Transactions Guaranty Fund" for "such guaranty
fund" and substituted "said" for "such".