Connecticut Administrative Code
Title 38a - Insurance Department
432a - Suitability in Annuity Transactions
Section 38a-432a-6 - Compliance mitigation, penalties, enforcement

Universal Citation: CT Reg of State Agencies 38a-432a-6

Current through March 14, 2024

(a) An insurer is responsible for compliance with sections 38a-432a-1 to 38a-432a-8, inclusive, of the Regulations of Connecticut State Agencies. If a violation occurs, either because of the action or inaction of the insurer or its producer, the commissioner may order:

(1) An insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with sections 38a-432a-1 to 38a-432a-8, inclusive, of the Regulations of Connecticut State Agencies by the insurer, an entity contracted to perform the insurer's supervisory duties or by the producer;

(2) A general agency, independent agency or a producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of sections 38a-432a-1 to 38a-432a-8, inclusive, of the Regulations of Connecticut State Agencies; and

(3) Appropriate penalties and sanctions.

(b) Any applicable penalty of the Connecticut General Statutes for a violation of sections 38a-432a-1 to 38a-432a-8, inclusive, of the Regulations of Connecticut State Agencies may be reduced or eliminated at the discretion of the commissioner, if corrective action for the consumer was taken promptly after a violation was discovered or the violation was not part of a pattern or practice. Nothing contained in this section shall be construed to limit the commissioner's authority to terminate or suspend a producer or insurer's license or to pursue other legal or regulatory action pursuant to the insurance laws of the state of Connecticut.

(c) The authority to enforce compliance with sections 38a-432a-1 to 38a-432a-8, inclusive, of the Regulations of Connecticut State Agencies is vested exclusively with the commissioner.

Disclaimer: These regulations may not be the most recent version. Connecticut may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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