Sec. 38a-962d. Prohibited activities during supervision. Prior approval.
Sec. 38a-962d. Prohibited activities during supervision. Prior approval. During the period of supervision, the commissioner or his designated appointees shall serve
as the administrative supervisor. The commissioner may determine that the insurer may
not do any of the following during the period of supervision, without the prior approval
of the commissioner or his designated appointee: (1) Dispose of, convey or encumber
any of its assets or its business in force; (2) withdraw any of its bank accounts; (3) lend
any of its funds; (4) invest any of its funds; (5) transfer any of its property; (6) incur
any debt, obligation or liability; (7) merge or consolidate with another company; (8)
approve new premiums or renew any policies; (9) enter into any new reinsurance contract
or treaty; (10) terminate, surrender, forfeit, convert or lapse any insurance policy, certificate or contract, except for nonpayment of premiums due; (11) release, pay or refund
premium deposits, accrued cash or loan values, unearned premiums or other reserves
on any insurance policy, certificate or contract; (12) make any material change in management; or (13) increase salaries and benefits of officers or directors or the preferential
payment of bonuses, dividends or other payments deemed preferential.
(P.A. 92-93, S. 36.)